Mark Carney defends 'dead on arrival' forward guidance policy
The Governor denied that forward guidance has caused confusion among businesses
Tuesday 26 November 2013
Mark Carney was forced to defend forward guidance against criticism that the policy is ineffective.
Treasury Select Committee MP Brooks Newmark said the policy’s credibility had been hit by sharper growth and bigger falls in unemployment since the Bank unveiled the policy in August, prompting it to bring forward its forecast of when the jobless rate will hit its 7 per cent threshold for potential rate rises by 18 months.
But the Canadian accused Newmark of a “total failure of logic” and pointedly added: “What the guidance is doing is giving businesses, households, financial market participants, parliamentarians perspective on the conditions necessary to exist in the economy before… raising interest rates.”
He also denied confusion over the policy among the 200 businesses he has met, adding: “When we survey businesses, we don’t see confusion.”
- 1 Pope Francis issues top 10 tips for happiness
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 Now diplomacy has failed, boycotting Israel might be the only way we can protect the people of Gaza
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Justin Bieber posts Instagram photo of a crying Orlando Bloom after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
Air Algerie AH5017 crash: Jet fell 30,000 feet in three minutes ‘due to violent storm’
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...