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You can find the current article at its original source at https://www.theguardian.com/business/2016/oct/21/mark-carney-michael-gove-criticism-thought-crime-bank-england
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| Michael Gove: criticising Mark Carney is seen as 'thought crime' Michael Gove: criticising Mark Carney is seen as 'thought crime' | |
| (about 11 hours later) | |
| Michael Gove has become the latest senior Conservative to criticise the governor of the Bank of England, accusing Mark Carney of being intolerant of criticism and lacking in humility. | Michael Gove has become the latest senior Conservative to criticise the governor of the Bank of England, accusing Mark Carney of being intolerant of criticism and lacking in humility. |
| Gove compared Carney to the Chinese emperor Ming whose “person was held to be inviolable and without imperfections” and whose critics were flayed alive. | Gove compared Carney to the Chinese emperor Ming whose “person was held to be inviolable and without imperfections” and whose critics were flayed alive. |
| Writing in the Times (£), Gove said: “[Carney’s] position is held to be independent and without any error. And so any criticism of his actions is regarded as a thought crime – and those who dare to question his rule are flayed in the press with dire warnings left hanging in the air to emphasise the governor will brook no challenge to his authority.” | Writing in the Times (£), Gove said: “[Carney’s] position is held to be independent and without any error. And so any criticism of his actions is regarded as a thought crime – and those who dare to question his rule are flayed in the press with dire warnings left hanging in the air to emphasise the governor will brook no challenge to his authority.” |
| Gove’s attack on Carney follows comments by Theresa May in her recent Tory party conference speech in which she criticised low interest rates and money printing – quantitative easing – for damaging returns for savers while making owners of assets richer. The prime minister said: “A change has got to come. And we are going to deliver it.” | Gove’s attack on Carney follows comments by Theresa May in her recent Tory party conference speech in which she criticised low interest rates and money printing – quantitative easing – for damaging returns for savers while making owners of assets richer. The prime minister said: “A change has got to come. And we are going to deliver it.” |
| Carney rebuked May a week ago by saying the BoE, which operates independently of the government, would not take instruction from politicians. But on 18 October William Hague, the former foreign secretary, said central bankers could lose their independence if they ignored anger about low interest rates. | Carney rebuked May a week ago by saying the BoE, which operates independently of the government, would not take instruction from politicians. But on 18 October William Hague, the former foreign secretary, said central bankers could lose their independence if they ignored anger about low interest rates. |
| Hague’s intervention prompted talk of an effort by Conservatives to pass the blame for the economic consequences of Brexit to the BoE or to unsettle Carney, who is considering whether to remain as governor beyond his planned departure date of 2018. | Hague’s intervention prompted talk of an effort by Conservatives to pass the blame for the economic consequences of Brexit to the BoE or to unsettle Carney, who is considering whether to remain as governor beyond his planned departure date of 2018. |
| Gove, like Hague, raised the prospect of some kind of comeuppance for the governor. He said: “Mr Carney should ponder the fate of the Chinese emperors, overwhelmed by forces they could not control because they could not bear to accept any criticism, and recognise that nothing so enhances authority as a dash – now and then – of humility.” | Gove, like Hague, raised the prospect of some kind of comeuppance for the governor. He said: “Mr Carney should ponder the fate of the Chinese emperors, overwhelmed by forces they could not control because they could not bear to accept any criticism, and recognise that nothing so enhances authority as a dash – now and then – of humility.” |
| The BoE cut interest rates to a then-record low of 0.5% after the bankruptcy of Lehman Brothers in September 2008 threatened to send the world economy into a depression. Ratesetters, led by Carney, cut borrowing costs to 0.25% in August and expanded its quantitative easing (QE) programme of buying up bonds to support economic activity. | The BoE cut interest rates to a then-record low of 0.5% after the bankruptcy of Lehman Brothers in September 2008 threatened to send the world economy into a depression. Ratesetters, led by Carney, cut borrowing costs to 0.25% in August and expanded its quantitative easing (QE) programme of buying up bonds to support economic activity. |
| Gove said QE and August’s rate cut were “misjudged” and that May was right to say the BoE’s policies had created significant economic problems. The BoE has suggested it could cut rates further, to about 0.1%, but Carney has said monetary policy has borne too heavy a burden and called on the government to use tax and spending to support the economy. | Gove said QE and August’s rate cut were “misjudged” and that May was right to say the BoE’s policies had created significant economic problems. The BoE has suggested it could cut rates further, to about 0.1%, but Carney has said monetary policy has borne too heavy a burden and called on the government to use tax and spending to support the economy. |
| The BoE’s chief economist, Andy Haldane, published a paper this week rebutting critics and arguing the BoE’s response to the Brexit vote had reduced long-term borrowing costs for the government and business. | The BoE’s chief economist, Andy Haldane, published a paper this week rebutting critics and arguing the BoE’s response to the Brexit vote had reduced long-term borrowing costs for the government and business. |
| Gove, the former justice secretary and Tory leadership candidate, who ridiculed experts when campaigning to leave the EU, cited research by two economists showing those who declare themselves experts are error-prone because they fail to acknowledge mistakes. | Gove, the former justice secretary and Tory leadership candidate, who ridiculed experts when campaigning to leave the EU, cited research by two economists showing those who declare themselves experts are error-prone because they fail to acknowledge mistakes. |
| His comments were ridiculed by Stephen King, an economic adviser to HSBC, and Roland Rudd, who chairs the Open Britain campaign to stay in the single market. | His comments were ridiculed by Stephen King, an economic adviser to HSBC, and Roland Rudd, who chairs the Open Britain campaign to stay in the single market. |
| In which @michaelgove cites the views of two experts he agrees with to explain why we should ignore experts: https://t.co/LvifFD5JRG | In which @michaelgove cites the views of two experts he agrees with to explain why we should ignore experts: https://t.co/LvifFD5JRG |
| Has @michaelgove lost all sense of irony or self-awareness in attacking Mark Carney for his lack of humility? | Has @michaelgove lost all sense of irony or self-awareness in attacking Mark Carney for his lack of humility? |
| Carney has faced criticism from other Conservatives during the referendum campaign and since. The backbencher William Rees-Mogg called on the governor to resign for warning about possible economic problems if there was a vote to leave the EU and Boris Johnson accused Carney of talking down the economy. | Carney has faced criticism from other Conservatives during the referendum campaign and since. The backbencher William Rees-Mogg called on the governor to resign for warning about possible economic problems if there was a vote to leave the EU and Boris Johnson accused Carney of talking down the economy. |