Was the ‘pressure’ on Mark Carney Brexit cabin fever, or just the media eating itself?

Really not sure what was driving the stupid speculation over the future of Mark Carney as Governor of the Bank of England, but as the Economist says

…this political pressure on an independent central bank governor is a great mistake. On the day after the referendum vote, the prime minister resigned and Brexit campaign leaders were nowhere to be seen; it was Mark Carney who stepped forward to calm the markets. He was the only grown-up in the room.

Now the stories are circulating that Mr Carney might resign, with some even suggesting that it could happen as soon as this week. But here is where the British press starts to chase its own tail; taking a small fact and exaggerating it out of all proportion.

Take today’s Sunday Times story with the headline “Disillusioned Bank governor to quit”. That would seem to bolster the speculation. But two paragraphs into the story the whole thing falls apart. Mr Carney was originally appointed in 2013 for a five year term, but there were hopes he would extend it until 2021. And the Sunday Times says:

Two senior figures who have worked closely with Carney since he moved to Britain in 2013 believe he will resign in 2018 rather than serve an extra three years.

Adding that:

Allies said he is likely to announce his departure later this year. He is not expected to leave before his term expires.

So in short the headline* could have said:

Bank of England governor to leave job when he previously said he would leave it

Mick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: @MickFealty

  • Kevin Breslin

    The Anger at Mark Carney is because his Quantitative Easing is hurting their profit margins and their advertising revenue. It’s bitter bile from the declining paper industry.

    It may indeed be better for retail, for liquidity, for economic activity but not for people who’s income is reliant on people spending pounds of their own money to read some “scare story” about the EU, migrants or Remain supporters, months after the Brexit referendum took place.

    He’s better off objectively monitoring the value of the pound, and other economic measures than take insults from old money Tories and ultraconservative businesses.

    Remember it was the same old money Tories and ultraconservative businesses who said rapid devaluation of currency, from being outside the Eurozone was the solution to Greece and Ireland’s problems.

    If they followed that advice both would have higher inflation, higher debt interest, higher import costs.

  • chrisjones2

    What pressure?

    If a Central Bank Governor cant cope with a healthy challenge and debate he’s not up to it. Carney cleary is and well capable in his job. Lets hope he stays

  • Kevin Breslin

    As I inferred below many of his critics don’t seem to handle their challenge. Some rumours about Rees-Moog getting the job. I think Carney’s safe, he seems to have support from a broad section of the political spectrum.

  • SeaanUiNeill

    “Carney cleary is and well capable in his job.”

    The outcome of Carney’s tenure in Canada is certainly far from uncontroversial:


  • SeaanUiNeill

    Kevin, I cannot hear the name Rees-Mogg without thinking of the characterisation of Jacob’s father William by that “bounder” Simon Raven, a schoolfellow of his at Charterhouse who worked up a satirical, if thinly disgusied, portrait of him as “Somerset Lloyd-James” in his “Alms for Oblivion” series.

    William Rees-Mogg appeared in person in a few scurilous stories in Raven’s numerious volumes of autobiographical writing. Raven had been expelled from Charterhouse for “the usual thing” and the numerious times I met him (we had mutual friends) he was all too willing to recount the sort of stories about almost everyone in public life who had been to Charterhouse (or knew anyone who had been there) which would have rapidly incurred defamation actions if he had told them to the wrong people.

    I have not met Jacob himself (Eton and Trinity, Oxford) but am told by those who do know him that despite political views which would make the last Tsar appear a pinko-liberal Jacob has considerable a wit and intellegence, presumably inherited. Anyway his “anachronistically posh” received pronunciation might ensure that he would at least be recognsably different from Carney in one respect!

  • chrisjones2

    He hasnt put a foot wrong here so far

  • chrisjones2

    …and ‘poof’ another media “Brexit Bollox / We Are All Doomed” story evaporates …staying until mid 2019

  • SeaanUiNeill

    We are in act two of a long Opera, chris, and the fat lady is not even on the stage at this point. My cousins in the City are far less sanguine about Carney, but then they have first hand experience of him and what is happening, rather than simply what they read in the media.

  • Kevin Breslin

    Not really sure how much experience he has or whether the move would mean government taking back control of the Bank of England. Whatever his skills such a decision would seem to be of tribalism rather than sense.

  • Kevin Breslin

    If people are spending their money watching a fictional movie like Dr Strange not to be taken too seriously, rather than reading fictional stories in the mainstream media about phantom foreigners and evil foreigners taking away everything, including Carney, you have to question why these papers are getting even more bitter in the post referendum environment.

    It’s the pro-Brexit/right wing papers who want him out ASAP, logicalIy assume for selfinterest/selfish-interest.

    To me they are the ones under pressure from market forces.

  • Nevin
  • mac tire
  • SeaanUiNeill

    We are on the same page here. Skills or no, he would be very much a political appointee.