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Stewart Cowley: letter to Mark Carney
by Stewart Cowley on Jul 04, 2014 at 10:25
It’s been about a year now since I wrote to you welcoming you on board the lumbering edifice that is the Bank of England, whilst simultaneously giving you a couple of patronising pointers for your first year.
We can only hope you found the coffee machine by now, but given the legendary labyrinthine nature of the corridors of your institution that is by no means certain.
But what you will almost certainly have discovered is that if the governor of the Bank of England stands up at the Mansion House dinner and tells people interest rates are going up soon they will take him/her all too literally.
Looking back at my previous letter to you, I am delighted to say that you have actually done some of the things that I suggested but have ignored some other points.
We still, for instance, don’t know from the recommended just-for-fun on-line personality test which Game of Thrones character you most resemble. Poor show.
However, you have launched a value-for-money review at the Bank of England and begun the process of getting some fresh blood onto the Monetary Policy Committee. Good show!
So what of the year to come? Here are some pointers;
Let money supply be your friend
Everybody appears to be getting very confused about what is going on in the UK economy.
In the same way 'Africa' isn’t a country, 'London' isn’t the UK and the London housing market isn’t of any interest to the people of Llanethli, Lancaster or somewhere in the North East beginning with the letter 'L'.
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As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
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