In relation to the last post that casts doubt on the Governor of the Bank of England’s impartiality, and the BBC’s of course, Fraser Nelson in the Spectator has come to the same conclusion….UK success comes from free trade and a flexible economic and financial system….neither requiring membership of the EU…the US coming to agreement with the EU on a free trade deal whilst remarkably not being a member of the EU……or indeed Vietnam….
Mark Carney may have unwittingly strengthened the case for leaving the EU
I supect that Mark Carney set out to strengthen the case for Britain staying in the European Union with his remarks in Oxford tonight, but his intervention may end up having the reverse effect. First, the Bank of England governor did not talk about the advantages of staying inside the EU. He spoke about the advantages of Britain being part of a free trade block; as Boris Johnson argues in the new Spectator this is still likely even if we vote to leave.
Here’s what he said:-
“Broadly speaking, the evidence suggests that the UK has successfully harnessed the benefits of openness afforded by its EU membership while avoiding some of the drawbacks of reduced flexibility from which some continental European economies suffer”.
In other words, the single market helped – and we didn’t join the Euro, thus avoiding what William Hague so aptly described as a “burning building with no exits.”
Carney added that the UK is “the leading beneficiary” of the free movement of goods, services, capital and labour enshrined in European treaties. But he did not suggest that this would be under threat were we to leave.
Spot the bit where he advises staying in the EU, rather than reneogtiate Norway-style country club membership? Me neither. That said, Carney is a rather political fellow – as we saw with his intervention in the Scottish independence referendum. His words were presented to suggest his intervening on the ‘in’ campaign. And this is his mistake.
The biggest danger facing the ‘in’ campaign is that it is seen as the combined voice of the British elite. If the Bank of England is positioning itself on the ‘in’ side, then this adds to this impression. As Sweden found out, when the entire establishment says ‘vote yes’ then the temptation to vote no can become irresistible.
Mark Carney – Canadian, with dual Canadian and Irish nationality.
Member of Group Of Thirty and Foundation Board of World Economic Forum.
Attended Bilderberg in 2011 and 2012.
Tells you all you need to know.
Yep – Carney is very much a Servant of The Cause. He’s a fully paid-up illiberal unprogressive upper-echelon elite, espousing all the same ‘on-message’ doctrines as his chums in the msm and in Government . He is a place-man, a perfect fit for the liberal-left’s ‘borderless Europe’ agenda. He can be counted-upon to propagandise for his friends in the EU and the UN. Nobody should expect any different from a man with his exceptional qualifications for the role.
He’s a ‘banker’. Has he reinvented mathematics?
The last I heard about the EU was that we pay more in than we get out, they export more to us than we do to them and didn’t we bail the EU out a couple of times?
Finally if it is so good for our economy, why did we keep our ‘£’ and avoid joining the ‘Euro’
Yes, I think he has reinvented mathematics.
Sorry to read about your keyboard problem.
The BBC website leads with the headline “EU makes UK economy more dynamic” which of course is a very pro EU headline to report Carney’s speech.
http://www.bbc.com/news/business-34598766
And the Beeb is very selective on what it highlights from the speech, loving the following:
“Broadly speaking, the evidence suggests the UK has successfully harnessed the benefits of openness afforded by its EU membership while avoiding some of the drawbacks of reduced flexibility from which some continental European economies suffer.”
He added: “Put simply, economies with sustainable dynamism can grow more quickly before running into excessive price pressures. The UK’s greater openness as a result of EU membership provides potential for both greater growth and greater shocks.”
EU membership “reinforces the dynamism of the UK economy. A more dynamic economy is more resilient to shocks; can grow more rapidly without generating inflationary pressure or creating risks to financial stability”.
All this “dynamism” sounds rather vague, I haven’t read the report so I don’t know how the BofE come to the conclusion that being in the EU leads to a dynamic economy, after all they haven’t got anything to base a comparison on. And would not the UK economy be even more “open” outside of the EU?
Unfortunately Carney’s words will I fear carry some sway with the general public (unlike the useless CBI) as they are more likely to be perceived as independent especially Carney being Canadian.
Presumably the new course that BBC staff are to be sent on to ensure they report on EU matters in an ‘objective manner’ isn’t up and running yet.
IR
up and running.
The only thing up and running will be the reports of Al Beeb’s non-bias activities, reports made by, yes Al Beeb. Al Beeb, friend of the Muslims and everything non-white and non European.
Objectivity, a three year old gelding carrying 8:10 and starting at odds of 1000000 to 1 was killed when the starting stalls malfunctioned.
Yes, he argues that EU membership results in economic dynamism. Rubbish – is France dynamic, or sclerotic ? Are Greece, Portugal and Spain dynamic – or sclerotic ?
To a very large extent UK dynamism stems directly from the trade union reforms, the deregulation of the City and the rolling back of the frontiers of the State by privatisations in the Thatcher years. Warts and all. And the fact that we did not enter the Euro – which so many of the pro-EU camp advocated and still – crazily – advocate.
Finding a positive compelling reason to stay in the EU is becoming harder and harder by the day, whereas there are numerous compelling reasons to leave.
China is not a member of the EU but it seems to have little difficulty in selling steel here!
On which note, did I read somewhere that the EU bods in Brussels were wised up to the Chinese dumping a year ago and it has taken them a whole year to do absolutely nothing about it.
But who gives a damn about steel jobs when there is your own cushy job to protect in Brussels? Queue justifications for several months of meetings.
I thought I would look up a dictionary definition for the word Carney. In the Urban dictionary it states the following definition for Carney. Says it all really!
A Carney is someone who specializes in tricky business. Usually a cash business without refund. Intention of selling something you don’t really need. Who will overlook safety of the Carnival rides in order to make a buck. A person who is only qualification is to lie, cheat and steel from anyone who will be taken advantage of. Scum of this earth. Usually having poor hygiene. A disrespectful person who have nothing to actually be happy about. A person who has no real friends.
This ferris wheel is fine! We just had it fixed three years ago from another unqualified Carney. We need to make money, who cares about safety. Freak accidents happen! Hahaha!