Mark Carney is not fit to be Canadian PM
Mark Carney (Photo: Getty)
George Osborne, the former chancellor, constantly praised Carney as one of the most brilliant financial minds of his generation. It is now clear that he was not actually very good. The Bank made a whole series of mistakes under his management. Growth was consistently weak. The Bank printed way too much money, stoking an asset bubble, and ultimately triggering the highest inflation rate in the G7. It badly misjudged the impact of the UK’s departure from the EU, allowing itself to become politicised as part of ‘Project Fear’. It is hardly a very inspiring record.
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He has global experience. He has proven his leadership. And he has the management skills needed to turn around a sinking ship. As Mark Carney makes a bid to succeed Justin Trudeau as Canadian prime minister, he will no doubt make much of his credentials as a ‘rock star’ central banker. There is just one snag. As it turns out, it takes only a cursory glance at his record as Governor of the Bank of England to work out that Carney’s reputation is completely overblown – and in reality, he is not fit to be Canada’s next prime minister.
The Bank made a whole series of mistakes under his management
Given that Pierre Poilievre’s Conservative party will almost certainly win a huge victory at the next election it is not clear why anyone would want to take over as Canadian PM. They will be heading for an epic defeat. Still, that has not stopped the always confident Mark Carney from generously offering his services. Within hours of Trudeau stepping down, he had already made it clear that he was a candidate for the role.
If he runs, much will no doubt be made of his global experience. Carney chairs Canada’s Brookfield Asset Management, with $1 trillion in assets under management, as well as the financial data giant Bloomberg. He is also a UN Special Envoy for Climate Action and Finance. But he is probably best known for his spell as Governor of the Bank of England. Appointed by George Osborne, he was the first foreigner to hold the position, and was constantly praised by the former chancellor as one of the most brilliant financial minds of his generation.
The trouble is, it is now clear that he was not actually very good. The Bank made a whole series of mistakes under his management. Growth was consistently weak. The Bank printed way too much money, stoking an asset bubble, and ultimately triggering the highest inflation rate in the G7. It badly misjudged the impact of the UK’s departure from the EU, allowing itself to become politicised as part of ‘Project Fear’. It lost control of regulation, as became clear during the ‘liability-driven investment’ crisis during the Truss premiership. And it allowed the City to start losing its position as a leading financial centre, a trend that has accelerated since he left. It is hardly a very inspiring record.
It has gotten even worse since then, with Carney becoming one of the most enthusiastic supporters of Rachel Reeves during the run up to the election, praising her expertise and vision. Whatever your politics, it is surely now clear that Reeves is hopelessly out of her depth, and is turning into one of the worst chancellor’s of the modern era. Again and again, Carney’s judgement has been terrible. True, he will make a very easy opponent for the Conservatives if he does take over as PM. But the blunt truth is this: he is not fit for the job, and Canada can do far better.
Written by Matthew Lynn
Two dolts in a row? We can afford that!
Conservatives best come up with some policy. Fear and finger pointing is no longer working for them. They are tanking in the polls.
UK’s Cons pursued an Isolationist agenda via BREXIT that set the UK's Std of Living back well over a decade.
Now we watch as 'America First' is being Implemented by the same myopic 'Con think', South of the Border.
👉In walks Mr. PP wth a 'Canada First' Agenda
Is he drunk?😂