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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/oct/31/mark-carney-bank-of-england-speculation-eurozone-gdp-business-live
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| Mark Carney meeting with Theresa May after PM backs Bank of England governor – business live | |
| (35 minutes later) | |
| 1.53pm GMT | |
| 13:53 | |
| Carney arrives for talks with May | |
| Mark Carney has arrived at Downing Street, and is meeting with Theresa May right now... just a couple of hours after the PM offered the governor her full support. | |
| Could an announcement on his future come today?.... | |
| Governor of the Bank of England Mark Carney arrives at Downing Street to meet the Prime Minister pic.twitter.com/JuqZKBwzyq | |
| 1.31pm GMT | |
| 13:31 | |
| This uncertainty over Mark Carney’s future has come at a bad time, says Costas Milas, professor of finance at the University of Liverpool, in a new blog post. | |
| With Britain probably entering a “increasing economic uncertainty”, the governor needs to reassure himself that he has Downing Street’s full support, before deciding whether to extend his tenure until 2012. | |
| Milas writes: | |
| One of the unwritten rules of football is never substitute a player – let alone your captain – when defending a corner. Indeed, with Brexit headwinds moving fast(?) our way, this is not the time to replace the Governor. | |
| Mark Carney himself should seek reassurances of no further ‘foul play’ by the government so that he confirms his Governorship until 2021. Unless, of course, government officials have already found a ‘suitable’ replacement. | |
| But then again, would another candidate be willing to risk their reputation on such a demanding job knowing, or at least suspecting, that their predecessor decided to step down partly because of rising tensions and/or interference by government officials? | |
| Let Mark Carney do his job – why this is not the time to replace the Governor of the Bank of England https://t.co/HxZUJKew85 pic.twitter.com/81nHK0DLPZ | |
| 1.13pm GMT | 1.13pm GMT |
| 13:13 | 13:13 |
| The pound continues to dip, and is now down 0.2% today at $1.215. | The pound continues to dip, and is now down 0.2% today at $1.215. |
| October really has been a rough month for sterling. It ended September worth nearly $1.30, but began sliding once Theresa May indicated Britain was heading for a hard Brexit. | October really has been a rough month for sterling. It ended September worth nearly $1.30, but began sliding once Theresa May indicated Britain was heading for a hard Brexit. |
| The pound has now lost over 6.3% during the month, making it the worst performing currency... | The pound has now lost over 6.3% during the month, making it the worst performing currency... |
| The pound is the world's worst-performing currency this month https://t.co/JdPOLPsDDp pic.twitter.com/bwGVBcqR2Y | The pound is the world's worst-performing currency this month https://t.co/JdPOLPsDDp pic.twitter.com/bwGVBcqR2Y |
| 1.11pm GMT | 1.11pm GMT |
| 13:11 | 13:11 |
| BAML: The damage is done.... | BAML: The damage is done.... |
| Analysts at Bank of America Merrill Lynch fear that the row over Mark Carney’s future may have caused long-term damage to Britain’s reputation in the markets. | Analysts at Bank of America Merrill Lynch fear that the row over Mark Carney’s future may have caused long-term damage to Britain’s reputation in the markets. |
| They suspect international investors may still be wary of UK assets, even if the governor announces he’ll stay on until 2021. | They suspect international investors may still be wary of UK assets, even if the governor announces he’ll stay on until 2021. |
| They say: | They say: |
| At this stage we are not sure even Carney extending his contract would eliminate the extra policy uncertainty: it may be tricky to undo the impression markets have already formed. | At this stage we are not sure even Carney extending his contract would eliminate the extra policy uncertainty: it may be tricky to undo the impression markets have already formed. |
| That’s via fastFT: | That’s via fastFT: |
| Damage done? Sterling fails to rally on May’s support for Carney https://t.co/tDboGMfpzT | Damage done? Sterling fails to rally on May’s support for Carney https://t.co/tDboGMfpzT |
| 12.32pm GMT | 12.32pm GMT |
| 12:32 | 12:32 |
| You might expect the pound to have rallied on the back of Theresa May’s show of support for Mark Carney. | You might expect the pound to have rallied on the back of Theresa May’s show of support for Mark Carney. |
| But actually, sterling is still flat today at $1.2170. | But actually, sterling is still flat today at $1.2170. |
| I don’t think that means traders aren’t interested in who runs the Bank of England, though. | I don’t think that means traders aren’t interested in who runs the Bank of England, though. |
| Instead, they’re probably waiting for firm news, and also a little alarmed that an independent central bank governor could have faced a campaign to drive him out. | Instead, they’re probably waiting for firm news, and also a little alarmed that an independent central bank governor could have faced a campaign to drive him out. |
| You can't put the toothpaste back in the tube, sterling edition. | You can't put the toothpaste back in the tube, sterling edition. |
| 12.09pm GMT | 12.09pm GMT |
| 12:09 | 12:09 |
| With Theresa May’s vote of confidence in the bag, could Mark Carney announce later today that he’d like to serve a full term at the Bank of England? | With Theresa May’s vote of confidence in the bag, could Mark Carney announce later today that he’d like to serve a full term at the Bank of England? |
| Sam Coates of The Times reckons the story could now move fast.... | Sam Coates of The Times reckons the story could now move fast.... |
| Mark Carney seeing Theresa May later today - announcement later? - as signs point he might now stay until 2021 | Mark Carney seeing Theresa May later today - announcement later? - as signs point he might now stay until 2021 |
| 12.03pm GMT | 12.03pm GMT |
| 12:03 | 12:03 |
| The BBC’s Laura Kuenssberg reports that Mark Carney is due to meet the prime minister today, but it’s been in the diary for a while..... | The BBC’s Laura Kuenssberg reports that Mark Carney is due to meet the prime minister today, but it’s been in the diary for a while..... |
| Mark Carney to see Theresa May in Number 10 early this afternoon - sources say it's a long standing meeting | Mark Carney to see Theresa May in Number 10 early this afternoon - sources say it's a long standing meeting |
| 12.01pm GMT | 12.01pm GMT |
| 12:01 | 12:01 |
| Theresa May has just slapped down critics of Mark Carney, such as Dan Hannan, says the Sun’s political editor Tom Newton Dunn: | Theresa May has just slapped down critics of Mark Carney, such as Dan Hannan, says the Sun’s political editor Tom Newton Dunn: |
| No10: PM wants Mark Carney to extend to 2021, "certainly supportive of him going on further than 5 years". Slap down to 'rock star' attacks. | No10: PM wants Mark Carney to extend to 2021, "certainly supportive of him going on further than 5 years". Slap down to 'rock star' attacks. |
| 11.49am GMT | 11.49am GMT |
| 11:49 | 11:49 |
| Theresa May: Carney's the best man for the job | Theresa May: Carney's the best man for the job |
| Newsflash from Downing Street: Theresa May’s spokeswoman has just given Mark Carney a resounding vote of confidence. | Newsflash from Downing Street: Theresa May’s spokeswoman has just given Mark Carney a resounding vote of confidence. |
| The Prime minister’s spokeswoman has told Westminster reporters that May is ‘clear in her support’ for governor Carney, and the work he is doing for the country. | The Prime minister’s spokeswoman has told Westminster reporters that May is ‘clear in her support’ for governor Carney, and the work he is doing for the country. |
| And May would also support Carney if he decided to extend his original contract, and stay at the BoE until 2021 (rather than leaving in 2018, as originally planned). But the governor must decide if he wants to do an extra three years. | And May would also support Carney if he decided to extend his original contract, and stay at the BoE until 2021 (rather than leaving in 2018, as originally planned). But the governor must decide if he wants to do an extra three years. |
| The spokeswoman says: | The spokeswoman says: |
| The PM has been clear in her support for the governor, the work he is doing for the country. It is clearly a decision for him, but the PM would certainly be supportive of him going on beyond his five years. | The PM has been clear in her support for the governor, the work he is doing for the country. It is clearly a decision for him, but the PM would certainly be supportive of him going on beyond his five years. |
| The PM has always had a good working relationship with the governor of the Bank of England and intends to continue that. | The PM has always had a good working relationship with the governor of the Bank of England and intends to continue that. |
| ITV’s Chris Ship tweets from the Lobby: | ITV’s Chris Ship tweets from the Lobby: |
| PM backs @bankofengland Governor Mark Carney. No10 says it's a 'decision for him' but PM supportive if Carney chooses to stay in the job | PM backs @bankofengland Governor Mark Carney. No10 says it's a 'decision for him' but PM supportive if Carney chooses to stay in the job |
| And asked if Carney was the best man for the job, the spokeswoman said: “Absolutely.” | And asked if Carney was the best man for the job, the spokeswoman said: “Absolutely.” |
| Huffington Post’s Paul Waugh says it’s a significant intervention (following weekend reports that Carney might announce his departure date this week). | Huffington Post’s Paul Waugh says it’s a significant intervention (following weekend reports that Carney might announce his departure date this week). |
| Signif words from No10 on Mark Carney: "The PM wd certainly be supportive of him going on beyond his 5 yrs". Best man for job? "Absolutely" | Signif words from No10 on Mark Carney: "The PM wd certainly be supportive of him going on beyond his 5 yrs". Best man for job? "Absolutely" |
| Updated | Updated |
| at 11.55am GMT | at 11.55am GMT |
| 11.39am GMT | 11.39am GMT |
| 11:39 | 11:39 |
| Political and economic journalist Iain Martin has written a good piece about the Carney saga. | Political and economic journalist Iain Martin has written a good piece about the Carney saga. |
| He points out that our governor is not above criticism. Carney can appear somewhat thin-skinned when his judgement is questioned (a not-uncommon Achilles heel among central bankers, frankly). | He points out that our governor is not above criticism. Carney can appear somewhat thin-skinned when his judgement is questioned (a not-uncommon Achilles heel among central bankers, frankly). |
| But still – undermining the Bank of England governor is a serious business. Especially when we’ve also seen cabinet leaks undermining chancellor Philip Hammond (for being too pessimistic about Brexit). | But still – undermining the Bank of England governor is a serious business. Especially when we’ve also seen cabinet leaks undermining chancellor Philip Hammond (for being too pessimistic about Brexit). |
| Martin says this is the equivalent of playing with matches in a petrol station, at a time when the government should be reassuring the financial markets: | Martin says this is the equivalent of playing with matches in a petrol station, at a time when the government should be reassuring the financial markets: |
| We’re in ravens at the Tower of London territory here with Carney and Hammond. What they symbolise via the authority of their respective offices is stability, relative calm and continuity. Perception and confidence matters, a lot. | We’re in ravens at the Tower of London territory here with Carney and Hammond. What they symbolise via the authority of their respective offices is stability, relative calm and continuity. Perception and confidence matters, a lot. |
| Tories used to have a better feel for the realities of markets, back when many of them had worked in the City. Now, they seem to think a war on Carney is simply an extension of the Brexit campaign. It is to his credit if he has decided to leave this recent mess in the past and get on with helping guide Britain through Brexit. | Tories used to have a better feel for the realities of markets, back when many of them had worked in the City. Now, they seem to think a war on Carney is simply an extension of the Brexit campaign. It is to his credit if he has decided to leave this recent mess in the past and get on with helping guide Britain through Brexit. |
| Mark Carney set to stay. This is good news. (Me for Reaction) https://t.co/MUepzKYPed | Mark Carney set to stay. This is good news. (Me for Reaction) https://t.co/MUepzKYPed |
| 11.27am GMT | 11.27am GMT |
| 11:27 | 11:27 |
| US Treasury secretary: Better to have 'smooth' Brexit | US Treasury secretary: Better to have 'smooth' Brexit |
| Just in... America’s Treasury Secretary has met with top bankers in London, and told them the US hopes to see a ‘smooth’ Brexit process. | Just in... America’s Treasury Secretary has met with top bankers in London, and told them the US hopes to see a ‘smooth’ Brexit process. |
| Jack Lew also argued that politicians need to use government spending (fiscal policy) to boost growth, rather than simply relying on loose monetary policy (low interest rates). | Jack Lew also argued that politicians need to use government spending (fiscal policy) to boost growth, rather than simply relying on loose monetary policy (low interest rates). |
| Here’s the official ‘readout’ from the US Treasury office. | Here’s the official ‘readout’ from the US Treasury office. |
| During the conversation, Secretary Lew underscored the United States is committed to continuing to work with the UK and the EU to ensure sustained economic stability and shared, global prosperity as the UK and the EU negotiate their future economic relationship. The Secretary reiterated that a transparent, smooth and cooperative process that results in a highly integrated economic relationship is in the best interests of Europe, the United States, and the global economy. Secretary Lew added that the United States remains committed to maintaining its Special Relationship with the UK and its strong partnership with the EU. | During the conversation, Secretary Lew underscored the United States is committed to continuing to work with the UK and the EU to ensure sustained economic stability and shared, global prosperity as the UK and the EU negotiate their future economic relationship. The Secretary reiterated that a transparent, smooth and cooperative process that results in a highly integrated economic relationship is in the best interests of Europe, the United States, and the global economy. Secretary Lew added that the United States remains committed to maintaining its Special Relationship with the UK and its strong partnership with the EU. |
| Secretary Lew noted that U.S. economic growth remains solid in the face of headwinds from the global economy. The Secretary added that, looking forward, it is important that leaders make robust use of all policy levers –monetary, fiscal, and structural – to achieve strong, sustainable, and balanced growth and to ensure that the benefits of growth are shared inclusively within countries. | Secretary Lew noted that U.S. economic growth remains solid in the face of headwinds from the global economy. The Secretary added that, looking forward, it is important that leaders make robust use of all policy levers –monetary, fiscal, and structural – to achieve strong, sustainable, and balanced growth and to ensure that the benefits of growth are shared inclusively within countries. |
| Lew met with Jes Staley (CEO of Barclays), Bill Winters (CEO of Standard Chartered), Xavier Rolet (CEO of the London Stock Exchange), James Cowles (EMEA chief at Citigroup), Mark Gavin (European chairman of JPMorganChase), and Gary Campkin (director of TheCityUK). | Lew met with Jes Staley (CEO of Barclays), Bill Winters (CEO of Standard Chartered), Xavier Rolet (CEO of the London Stock Exchange), James Cowles (EMEA chief at Citigroup), Mark Gavin (European chairman of JPMorganChase), and Gary Campkin (director of TheCityUK). |
| 11.20am GMT | 11.20am GMT |
| 11:20 | 11:20 |
| Mark Carney’s future is becoming a litmus test of the Bank of England’s independence, says the Reuters Breaking Views team: | Mark Carney’s future is becoming a litmus test of the Bank of England’s independence, says the Reuters Breaking Views team: |
| Britain will be better off if #MarkCarney stays, writes @peter_tl at https://t.co/Cqi6pYCrnG #BOE pic.twitter.com/NgCUfo2WK3 | Britain will be better off if #MarkCarney stays, writes @peter_tl at https://t.co/Cqi6pYCrnG #BOE pic.twitter.com/NgCUfo2WK3 |