Commenting on the announcement that Mark Carney is to be the new Governor of the Bank of England, TUC general secretary Brendan Barber said: “The new Governor has a job that the Chancellor has made close to impossible. Government policies of austerity …

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Commenting on the announcement that Mark Carney is to be the new Governor of the Bank of England, TUC general secretary Brendan Barber said: “The new Governor has a job that the Chancellor has made close to impossible. Government policies of austerity have sent the economy back into recession and threaten a lost decade of stagnation.

“The Chancellor seems to have outsourced the job of getting the economy moving to the Bank of England but the Bank is now running out of monetary ammunition. Interest rates are about as low as they can get, and quantitative easing, while welcome as far as it goes, is not doing much to boost the real economy.

“And while the Bank has an important new role in regulating banking, the government wants to water down the Vickers recommendations and does not have the determination to give us a finance sector that works for the rest of the economy.”


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