Bank of England’s Mark Carney Faces Backlash From Brexit Backers – WSJ

The Bank of England in Threadneedle Street, Lo...

The Bank of England in Threadneedle Street, London. Deutsch: Sitz der Bank von England in der Londoner Threadneedle Street. (Photo credit: Wikipedia)

The WSJ reports that Bank of England Gov. Mark Carney is under fire from those who championed Britain’s exit from the European Union as he decides how long to stay on the job at a critical juncture for the country.

Source: Bank of England’s Mark Carney Faces Backlash From Brexit Backers – WSJ

Mark Carney is without doubt one of the world’s top central bankers and George Osborne did well to attract him to the UK. Carney’s expert leadership at the BoE has done much to steer the UK away from the damage of financial speculators. Yes Carney is outspoken but his views have been based on evidence rather than the dogma of Brexit leaders.

The UK needs to keep Carney in place through Brexit to minimize downside risk and economic damage during Brexit.

Thoughts?

 

Opinion – Treasury must get a grip on financial risks highlighted by accounts – News from Parliament – UK Parliament

Read the original Public Accounts Committee report on the financial risk in the Whole of Government Accounts.

Source: Treasury must get a grip on financial risks highlighted by accounts – News from Parliament – UK Parliament

Having been a finance director of a major UK government department, I can readily relate to the content of the report.

As I read the PAC report I worry that these findings might have been OK pre-Brexit decision but now a much tougher regime is required.

Risk modelling needs to be much more sophisticated and sensitivity analysis is required against alternative Brexit scenarios. Also best practice in the private sector is necessary, like WGA in three work days. There is is still enormous opportunity for consolidation across government moving to national service centres.

Thoughts?