In case you missed it last week with all the media coverage on newspapers, hacking and proposed associated new laws against the want of our Prime Minister (he really is clueless)......the new Governor of the Bank of England has been chosen.
Out with the old (Mervyn King) and in with the new (Mark Carney)......
Marvellous Merv's tenure has certainly left a legacy. On his watch, the Bank of England was rightly criticised for not providing any warning or pre-emptive evasive action when banks grew into lethal weapons of mass destruction. To compound the misery, he has never come forward to accept his part of the blame or offered any apology. It was a very close shave that things didn't work out far worse from the banking crisis fallout.....and it was still bad. How he kept his job will offer conspiracy theorists a story to hand down generations. It is a mystery to all.
The one piece of encouraging news is that his successor is a real curve ball. He didn't go to Eton or row with any of the cabinet at Oxford. Instead, the Chancellor went for a Canadian Central Banker and a real outsider. This pretty much tells you all you need to know of Downing Street's opinion of the Bank of England currently.
What can we expect? Time will tell but the bar has been set low and Mark Carney can hardly do any worse than the past 8 years!
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