The Rest is Politics interview with Mark Carney

My view is that Hunt has "found" money because he wants to buy votes. Everything ATM with this govt is about trying to find something that will help them win an election.

MaizieD

Yes, I apologise, ronib. I realised that you had when I re-read your post.

MaizieD okay.
Separate topic slightly but I caught wind of the idea that Jeremy Hunt doesn’t actually have the billions to give away in the budget. The money has miraculously not been required for borrowing therefore it is available for national insurance tax cuts etc. Or something like this??

MaizieD

A few people here on Gnet said it. I don't recall who, but it was said. I wouldn't have thought of it otherwise.

What I was wondering was not "do they say that" but do that they really think that; it is their understanding.

Let me explain. Recently, an elderly neighbour said she didn't think we needed food banks. I asked (gently) what had made her think that. She had apparently decided this with help of friend who takes her shopping. It was based on going for coffee that morning and "they" were all drinking coffee. I carefully broached how she knew "they" were using food banks. She just looked agast at the question an blurted out "well, they were not our age" by which I gathered the were of working age. I changed the subject as I didn't want her to be upset.

Also recently I have been told by someone that the law on leaseholds had been changed. It hasnt, but there has been an Opposition Day Motion passed (and ignored) and a lot of chat from both sides. Again, treading carefully I suggested this had not been passed in Parliament yet. In an effort to prove his original view, he added that going to change in May - he had read an article by a Financial Advisor and he said it would (it may or may not).

These people are both perfectly nice people but are not really interested in politics unless it affects them or is something to gossip about. I would guess at least 50% of voters make their minds up on this basis.

After hearing about Johnson's inability to understand facts, data or analysis, I really wonder if it is worth insisting everyone must think the same way? They simply don't.

Yes, I apologise, ronib. I realised that you had when I re-read your post.

MaizieD I did watch it!

ronib

Mark Carney has a lot of respect for Rachael Reeves but I was left wondering about his analysis of Jeremy Hunt. Since the Uk is heavily dependent on Hunt for the following year at least, I would have liked to have had some insight into the direction Hunt should be heading according to Carney. Or perhaps I missed it?

I took some notes while watching the video, ronib. Carney didn't do any analysis of Hunt as far as I can see. The current economic direction of the UK wasn't really part of the topics discussed.

He did say that Sunak's backing off the UK's climate targets was unwise. That was really in the context of his current work on climate change.

Perhaps you ought to watch it.

Mark Carney continues to have roles which requires him to work with people of different political persuasions, I thought his answers were diplomatic but it still gave a strong sense of the man and where he stood politically.

Mark Carney has a lot of respect for Rachael Reeves but I was left wondering about his analysis of Jeremy Hunt. Since the Uk is heavily dependent on Hunt for the following year at least, I would have liked to have had some insight into the direction Hunt should be heading according to Carney. Or perhaps I missed it?

You're right that it has been said, but I'm afraid I'm very bad at remembering who said what, especially when the same ideas come up time after time.

Many (35+) years ago I had a boyfriend who was doing a PhD in the effects of home ownership on the nation's economy. He sometimes discussed his research and I remember that it was the first time I had ever thought about an individual's money management and the effect on a nation's economy. There was a lot more to it, but the underlying thesis was that too much money in the UK is invested in home ownership, which has become more attractive for individuals than investment in business or services which benefit all. Comparisons were made with other countries. Over the last 35+ years, the UK has suffered for that.

I've been interested in economics because I worked at Reuters' economics news desk for a while and got to know some of the people working in investment and on the markets and the terminology they use. Both my children have studied economics as part of their degrees. Interestingly, my daughter has a humanities postgrad degree but doesn't know that much about how the City operates, although she's a mine of information about how economics (eg. the New Deal, the Depression, post WW2 socialism, etc) have affected history. My son has an MSc in politics and economics, so has looked at economics from a different angle. He uses a lot of high level maths to understand modelling, etc. The point is that "being an economist" is as varied as (for example) "working in construction", which includes everybody from the accountant who understands investment potential to a bricklayer and everybody else with specific skills.. It doesn't make either of them an expert in knowing how much housing is needed for the whole population or the politics of home ownership.

A few people here on Gnet said it. I don't recall who, but it was said. I wouldn't have thought of it otherwise.

Yes, I think some people do.

I remember discussing the Conservative leadership with somebody, when it was Truss versus Sunak. The person I was talking to backed Sunak because he reckoned Sunak had been a banker and fund manager and was personally rich, so would presumably be able to do the same for the country.

MaizieD

growstuff

DaisyAnneReturns

Sorry growstuff, I probably should have written that more kindly.

No one is a fully grown economist or whatever, just because they have done a degree in it. At one time the aim was for the majority to stay at school until 14/15, then we worked to get everyone educated to 18 taking their education higher and then, we educated more to degree level. This has been the foundation for people to begin their work life not the final stage in learning.

No problem. I just get a tad irritated by people who think a PPE degree automatically qualifies anybody to manage a nation's economy.

I'm glad you said that, growstuff, because I get irritated, too.

I'm also irritated by people thinking that an investment banker would know how to manage a national economy. The difference between a banker and an economist is vast..

Do people think that?

I did think that Carney came over very well in the podcast, foxie48.

MaizieD he didn't talk about it at the time but he was locked in for several days and basically they were unsure if the measures they put in place would stop a banking meltdown. Carney left investment banking in 2003 and took on civil service type roles in Canada, which is similar to the nephew. He did Natural sciences at Cambridge but qualified as an accountant during his first job with an International Investment Bank. I always enjoy talking to him as he's an erudite charming man with a strong social conscience, his opinions are considered and is not motivated by money.

foxie48

Excellent, thanks for posting about it. DAR. Interestingly OH's nephew was a very successful investment banker and held some important positions. He was one of the bankers who spent time in number 10/11 at the start of the banking crisis, he's always said that we came close to complete financial disaster! He disliked being an investment banker, left banking completely for a while but has taken a number of banking related jobs. he's younger than Carney but very similar in lots of ways, one of the good guys!

Interesting about your nephew, foxie48. I have always thought that many people don't understand how close to disaster we came and that they don't give the then Labour government the credit it deserves for acting very promptly and pulling us back from the edge.

growstuff

DaisyAnneReturns

Sorry growstuff, I probably should have written that more kindly.

No one is a fully grown economist or whatever, just because they have done a degree in it. At one time the aim was for the majority to stay at school until 14/15, then we worked to get everyone educated to 18 taking their education higher and then, we educated more to degree level. This has been the foundation for people to begin their work life not the final stage in learning.

No problem. I just get a tad irritated by people who think a PPE degree automatically qualifies anybody to manage a nation's economy.

I'm glad you said that, growstuff, because I get irritated, too.

I'm also irritated by people thinking that an investment banker would know how to manage a national economy. The difference between a banker and an economist is vast..

DaisyAnneReturns

Sorry growstuff, I probably should have written that more kindly.

No one is a fully grown economist or whatever, just because they have done a degree in it. At one time the aim was for the majority to stay at school until 14/15, then we worked to get everyone educated to 18 taking their education higher and then, we educated more to degree level. This has been the foundation for people to begin their work life not the final stage in learning.

No problem. I just get a tad irritated by people who think a PPE degree automatically qualifies anybody to manage a nation's economy.

foxie48

Excellent, thanks for posting about it. DAR. Interestingly OH's nephew was a very successful investment banker and held some important positions. He was one of the bankers who spent time in number 10/11 at the start of the banking crisis, he's always said that we came close to complete financial disaster! He disliked being an investment banker, left banking completely for a while but has taken a number of banking related jobs. he's younger than Carney but very similar in lots of ways, one of the good guys!

In the podcast, Carney touched on the differences between an investment banker and an economist working for a central bank. The roles are different and, from my own limited experience, the people who work in investment banking are very different from people working in a central bank.

Sorry growstuff, I probably should have written that more kindly.

No one is a fully grown economist or whatever, just because they have done a degree in it. At one time the aim was for the majority to stay at school until 14/15, then we worked to get everyone educated to 18 taking their education higher and then, we educated more to degree level. This has been the foundation for people to begin their work life not the final stage in learning.

Excellent, thanks for posting about it. DAR. Interestingly OH's nephew was a very successful investment banker and held some important positions. He was one of the bankers who spent time in number 10/11 at the start of the banking crisis, he's always said that we came close to complete financial disaster! He disliked being an investment banker, left banking completely for a while but has taken a number of banking related jobs. he's younger than Carney but very similar in lots of ways, one of the good guys!

growstuff no 😹 well it didn’t work for me.

PS. I have a lot of time for Rory Stewart.

DAR I'm not being destructive about Rory Stewart's degree. He actually started off studying medieval history and presumable transferred to PPE quite early during the course. It's obvious listening to him that he's well-read and intelligent, no matter what he read at uni. If you look at his CV, it's also obvious he hasn't spent his life inside the Westminster "bubble" either.

What I object to is people claiming that politicians have a good grasp of economics because they studied PPE, when it's not necessarily the case. A PPE graduate has not studied economics in anywhere near the same depth as somebody with a straight economics degree, followed possibly by postgraduate study. In any case, there's a huge difference between economics courses themselves.

I assume you realise the tiled flooring and decor was a "trompe-l'œil" picture hanging on the wall.

When I realised what it was, I thought it's probably a joke to make it look as though Carney lives in a mansion.

I enjoyed listening to the podcast Campbell /Stewart did on Braverman and Cameron. There’s some humour in discussing the sticker on Rory’s mug. It was surprisingly relaxing. However, for me it struck home that the Conservatives are very unlikely to win the next election.

I don’t believe that David Cameron is the answer to reviving the party. I am left wondering if Braverman is going to link up with James Orr and fracture the Conservative Party? She spoke at the conference organised by Orr quite recently. (Not mentioned in podcast but the human mind is a strange thing).

Back to Carney - I am distracted by the black and white tiled flooring and decor and found the introduction a bit tedious.
Shall try again.