BoE’s Carney Faces Credibility Test

Better a lucky governor than one who’s always right. At least, that’s what Mark Carney will be hoping for as he faces politicians on Tuesday – almost a year to the day since he took over as Bank of England Governor.

After all, the Treasury Select Committee could find plenty of things to quiz Carney about. A starter for 10 would be his scattergun communication record on interest rates. His volte face on rates this month caused short-term borrowing costs to spike in the biggest one-day jump since 2009, back when the U.K. was in the midst of a financial crisis.

The Monetary Policy Committee minutes may say the Bank was surprised a rate rise hadn’t been factored in earlier – but most participants would argue they had simply trusted the governor.


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