The Student Room Group

Brexiteers destroyed Britain’s future, says former Bank of England governor

https://www.independent.co.uk/tv/news/mark-carney-liz-truss-brexit-britain-b2534631.html

It hasn’t fully destroyed mine in that I still have EU citizenship, so no need for me to do a visa when going abroad next year.
Original post by artful_lounger


He’s essentially stating the obvious more than anything.

I think that anyone can hack this,
Original post by Talkative Toad
https://www.independent.co.uk/tv/news/mark-carney-liz-truss-brexit-britain-b2534631.html

It hasn’t fully destroyed mine in that I still have EU citizenship, so no need for me to do a visa when going abroad next year.

Let's not gloss over Carney's role, albeit a minor one, in continuing the conditions that ultimately resulted in Brexit. It's not as if the mid 2010s were some sort of halcyon time where everyone was oh so pleased with the status quo.
Reply 4
Original post by Smack
Let's not gloss over Carney's role, albeit a minor one, in continuing the conditions that ultimately resulted in Brexit. It's not as if the mid 2010s were some sort of halcyon time where everyone was oh so pleased with the status quo.

I'm not sure that is fair. Carney did a pretty good job. His mission was really simple. Keep inflation on or around 2% as per the government's mandate. And as a result many many people bought housing based on the low interest rates and the super rich got even richer off the back of quantitive easing.

As ever, the discontent was caused by the not haves seeing that the haves pretty much had it all and the Brexiteers capitalised on that by suggesting the villains of the story were immigrants whilst betting on total destruction post Brexit. It is almost as cynical as the Post Office scandal.
Carney is a jeremy hunt.
Over a decade of low interest stole the common mans savings and the few that had cheap interest mortgages was dwarfed by investment groups that also bought up houses with cheap rates.
Original post by TheStupidMoon
Carney is a jeremy hunt.
Over a decade of low interest stole the common mans savings and the few that had cheap interest mortgages was dwarfed by investment groups that also bought up houses with cheap rates.
Womp.

Carney wasn't perfect but he kept inflation low and stable, as per his mandate. Low inflation is good for the common man's savings. Low interest rates are good for risk assets. If you chose to put your money in practically zero interest savings accounts and then complain when you didn't get a return..... that's not really Carney's fault per se.
Reply 7
Original post by Talkative Toad
https://www.independent.co.uk/tv/news/mark-carney-liz-truss-brexit-britain-b2534631.html
It hasn’t fully destroyed mine in that I still have EU citizenship, so no need for me to do a visa when going abroad next year.

Where are you going next year?
Original post by Quady
Where are you going next year?


Abroad to EU countries hopefully :wink:,
A) Learn another language.
B) Do not start a family.
C) Get the **** out of UK.
Reply 10
Original post by Talkative Toad
Abroad to EU countries hopefully :wink:,

I suspect I'll be going to the EU again next year too. No firm plans either though. Thankfully with my UK passport I too won't need a visa either.
Original post by Quady
I suspect I'll be going to the EU again next year too. No firm plans either though. Thankfully with my UK passport I too won't need a visa either.


I’m staying long term (a year abroad) so I would have had to do a visa if I didn’t have EU citizenship.
Original post by BenRyan99
Womp.
Carney wasn't perfect but he kept inflation low and stable, as per his mandate. Low inflation is good for the common man's savings. Low interest rates are good for risk assets. If you chose to put your money in practically zero interest savings accounts and then complain when you didn't get a return..... that's not really Carney's fault per se.

People didn't choose to put them in those accounts but were pushed into them unless you think the plebs have fancy accountants,buy to lets or investment schemes.
Carney was like someone with a handful of credit cards propping up a dodgy business.
Original post by Talkative Toad
https://www.independent.co.uk/tv/news/mark-carney-liz-truss-brexit-britain-b2534631.html
It hasn’t fully destroyed mine in that I still have EU citizenship, so no need for me to do a visa when going abroad next year.

Honestly I think we are not in all doom & gloom as people imply. I was not in favour of Brexit and voted to remain, but it’s important to note Brexit was about far more than just economic measures.

Whilst it’s true we are still transitioning into a different economic relationship not only with the EU but the whole world.

Maybe in Westminster and ‘the city’ is all doom & gloom as the global economic uncertainty (Brexit plus the interest rate issues, energy crisis, geopolitical instability) has had huge market effects means m&a bonuses are down and a lack of graduate analysts.

But living elsewhere in the country (the midlands) where rents & living costs are far more reasonable wages seem to be growing, more houses are being built and revenues of businesses seem to significantly improved post-covid. Life is actually pretty good. I now see graduates earning approximately £40k and you can buy a decent house for £250k.

Perhaps London where all the media, politicians and city folk live are melting. I think other areas in the UK are getting stronger. Although admittedly beer prices are still ridiculously inflated.
Original post by TheStupidMoon
People didn't choose to put them in those accounts but were pushed into them unless you think the plebs have fancy accountants,buy to lets or investment schemes.
Carney was like someone with a handful of credit cards propping up a dodgy business.
Putting money into a stocks & shares ISA is no more complicated than putting it into a standard savings ISA. If you think ordinary people require accountants to set up some of the most basic accounts at banks/financial institutions, then perhaps you're too pessimistic about the average person's level of intelligence.

ISAs are over 25yrs old now and over 40% of the population have one, they're really not rocket science. But judging from your username, I understand why you specifically might need an accountant.

Beyond that very basic point, to think the Bank of England should've set interest rates much higher than they did in the post-GFC era simply reflects a lack of understanding about the structural forces that drive long-term interest rates. Several secular forces mean the UK's equilibrium rate of interest is much lower now than in the 70s, 80s, 90s, 2000s, etc - factors such longevity, the net inward investment position, the relative price of investment goods, QE, etc. How this equilibrium rate compares with Bank Rate determines how loose or restrictive the BoE's monetary policy stance is. So that this rate fell so significantly implies that if the BoE had interests a bit higher, this would've been restricting the economy in a period where output was trying to recover.
Reply 15
Original post by Talkative Toad
https://www.independent.co.uk/tv/news/mark-carney-liz-truss-brexit-britain-b2534631.html
It hasn’t fully destroyed mine in that I still have EU citizenship, so no need for me to do a visa when going abroad next year.

Well known foreign remoaner makes biased and hyperbolic comment.

Shock and horror.
Reply 16
Interestingly, for the first time in years EU is challenging our regulatory divergence.

It's turns out that as part of our despotic future we have chosen to protect some wildlife and Danish fishermen don't like it.

Ignoring the fact that if it were my choice, no Danish would be fishing in British waters.

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