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 Fealty

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