Carney’s ‘big bang’ did not have the impact

Bank of England governor Mark Carney
Bank of England governor Mark Carney
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IN contrast to his predecessor as Governor of the Bank of England, Canadian Mark Carney steered clear of sports analogies during this week’s press conference, which focused on the “knockout” conditions that could prompt any possible rise in interest rates by the end of 2016.

Lord King’s concise wording gave way to Mr Carney’s chains of clause and sub-clause, decorated with phrases that could only quicken a banker’s pulse, such as “explicit state-contingent forward guidance”.

The former Goldman Sachs banker, who started his new role last month, said there was relief that Britain’s economy was recovering but cautioned that there should be little satisfaction.