Mark Casci: History will remember the leadership Mark Carney gave us

Betrayal, intrigue, back room dealing and the birth and death of political careers have dominated our column inches and websites for the last fortnight.
Bank of England governor Mark CarneyBank of England governor Mark Carney
Bank of England governor Mark Carney

It has been extraordinarily dramatic and provided an avalanche of copy and analysis, with comparisons to the HBO series Game of Thrones having been continuously and erroneously made.

However, we should not forget that amid all the theatre and intrigue that the collapse of our political elites that we have been left with a vacuum of Government since the momentous Brexit vote of June 23, not least of which from the corridors of the Treasury.

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Since the vote consumer confidence has fallen off the cliff, deals have been cancelled and the markets - the FTSE100 in particular - have oscillated wildly.

The Governor of the Bank of England Mark CarneyThe Governor of the Bank of England Mark Carney
The Governor of the Bank of England Mark Carney

However we have had one constant since June 23 in the form of a Canadian banker and economist, who from virtually the moment the referendum result was unveiled, has had his hands on the wheel.

Bank of England governor Mark Carney -who had warned lets not forget about the perils of Brexit - was straight out in front of the cameras to promise banks they would be able to continue to lend with access to central funds.

He later eased the capital requirements for banks to free up extra cash for them to provide finance.

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He more than any other public figure since the starting gun for the referendum was fired, has provided stability and confidence that the much-promised economic collapse that an out vote could entail does not come to pass.

The Governor of the Bank of England Mark CarneyThe Governor of the Bank of England Mark Carney
The Governor of the Bank of England Mark Carney

Senior economist and former Bank of England economist Richard Barwell warned in a series of considered and articulate comments in yesterday’s Times that Carney was too powerful, with the institution now displaying evidence of “group think”.

While Mr Barwell raises valid arguments about the need for wider Bank of England reform I am minded to voice what might not have transpired had Mr Carney not been in charge at Threadneedle Street.

That it should fall to an unelected banking official to provide leadership in such a turbulent time is unprecedented.

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Chancellor George Osborne, whose career has suffered a body blow which will take years to heal, has talked about his holding important talks with all and sundry to keep the economy sound but he has largely been absent as his party began the organised chaos of finding itself a new leader.

The chaos at the heart of the Labour and the absence of any sort of political leadership within the party has only served to make the leadership void even wider.

An interest rate cut to 0.25 per cent, widely-anticipated to be signed off upon this week, will provide more stability too.

Whatever the vagaries of the powerbase of the Bank of England boss I cannot help but feel that when the historians write the books that will inevitably chronicle the aftermath of the Brexit decision, it is Carney’s leadership which will define this period.

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While we are on the subject of confidence and leadership, today marks the first day of the Great Yorkshire Show, the biggest farming and rural showcase in England.

As a veteran of 13 of shows - including nine as a journalist - I have never ceased to be amazed at the positivity and optimism it generates.

Demonstrating all that is good and great about our vibrant rural economy, it is a great testimony to its owners and a credit to the constituency it serves.

If you want to see a sector, imperilled by challenges at every stage but keeping its eyes on the future while staying true to its roots, then the Great Yorkshire Showground may provide you with some much-needed comfort and inspiration.

Times are uncertain but I know for sure that the Great Yorkshire Show always delivers.