Carney does a u-turn!

Glen_Clark

lakelady wrote: »

Genuine question.

What lies were told by the Remain camp?

Osborne said that Brexit would drive up interest rates and drive down house prices - which probably backfired because lower house prices is what an increasing number of voters want, for their children if not themselves.
https://www.theguardian.com/business/2016/apr/15/george-osborne-says-brexit-will-drive-up-interest-rates
Bty the way there is an interesting story on the BBC website showing Osborne and May didn't get on with each other. They frequently clashed in Cabinet meetings where May had evidence to back up her position, and Osborne usually didn't.

Glen_Clark

Brexiteers tend to forget that the weakness of Sterling is a far more accurate gauge of the UK Economy than share prices

BLB53

Conclusion, even with all that economic data at his fingertips he didn't have a clue what was going to happen, so he toed the government line and voted remain. In fact no one knows, and in reality it won't make any difference.

Exactly my thoughts. Carney and the rest of the over-paid, out of touch MPC remain in their posts because most people think they know what they are doing...emperor's clothes and all that...

His comments just before the referendum were clearly politically motivated and clearly wrong. Theresa May hopefully has him in her sights...

redpete

BLB53 wrote: »

His comments just before the referendum were clearly politically motivated and clearly wrong.

Why 'clearly wrong'? There has as yet been no negotiation with the EU and obviously we haven't left yet so many forecasts cannot be said to be right or wrong. The £ has fallen in value significantly so many people have priced in their expectations of bad things for the UK economy.

2010

Cameron and Osborne have been pulling Carney`s string since he became governer.
He`s done more U turns about interest rates than a dog chasing its tail.
Before the referendum he said rates woud have to rise and then he cut them.
Theresa (ditherer) May should have sacked Carney when she gave Osborne his marching orders.

The great thing about living in a democracy is that they all believe in it until the vote goes against them.
That just about sums up your Remainers.

planteria

bigfreddiel wrote: »

So, from being a gloom and doom remain merchant our BoE guv'nor, Mark Carney has changed his tune to being upbeat on the UK being a global trader!

it was always clear that he was playing politics. he towed the line that was a clear mistake, and while Cameron rolls he stays to carry on as planned. he would have to be a fool not to put the positive message on our prospects now, both because it's his job, and because it is so easy to do.

redpete

2010 wrote: »

Before the referendum he said rates woud have to rise and then he cut them.

In January he said rates might have to go up to control inflation. In March and May he said rates might have to fall to avert effects of lower growth.

After the vote the BoE reacted to manage the situation that existed.

Not sure how that equals 'u-turn'.

Ballard

The thing is that Vote Leave lead us to believe that we'd have dozens of countries banging on our door to sign trade deals. It's clearly far too early to judge at this point as we are unable to sign anything but the signs are less than encouraging. I'm not aware of any country who have said that their priority is Britain but several have said the opposite.

It's all very well saying that big business and banks wanted to stay in and that we shouldn't have let them sway our vote but these are the companies who pay our wages.

If the worst case scenario happens and every Japanese company switches their European base to within the EU then that's 140,000 jobs gone. I don't personally think that we would lose every job but there's serious potential for multiple tens of thousands to go.

If car manufacturing leaves for the EU it's likely to go forever. As I understand it, finance is our biggest industry. If a passporting deal can't be sorted then why would international banks have a huge base here? I know that it's trendy to say good riddance to them but they employ a lot of people who pay a lot of taxes. What's in it for Paris or Frankfurt to allow UK based banks to trade freely within the EU?

Airbus and European research centres (particularly pharmaceutical) are very likely to disappear.

On the plus side we won't have to worry about EU health and safety regulation once we leave!

As a remainer, however, I'm not calling for a rerun of the vote. The nation decided and we will have to stick with it. That nice Mr. Farage is on record as having said that if it was close he would demand a new vote but that has been forgotten by every one of his disciples.

talexuser

It remains far too early to declare who was right or wrong about brexit. It might take 10 years, but in a few years we will see where the pound and balance of payments are, and if the long term average growth trend has declined. Things are temporarily good due to a steep fall in the pound, I can only think of black Wednesday and out of the ERM as a (sort of) comparable scenario where devaluation was actually good. This led to several years of growth and we may see the same until the pendulum swings and lack of trade agreements and tariff imposition catch up.

bigfreddiel

Mark Carney's nickname as a child was Carnage!

Thanks everyone for your comments, fj