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| Will Mark Carney show sense and sensibility at launch of Jane Austen £10 note? | Will Mark Carney show sense and sensibility at launch of Jane Austen £10 note? |
| (6 months later) | |
| Bank of England governor to take questions on author at launch event. There’s a lot of tenners in his generous pay package … | |
| Mon 17 Jul 2017 10.42 BST | |
| First published on Sun 16 Jul 2017 07.00 BST | |
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| Although he is a keen sportsman, Bank of England governor Mark Carney may be wise to take some time this weekend to brush up on the classics in advance of the unveiling of the new £10 note in Winchester cathedral on Tuesday. | Although he is a keen sportsman, Bank of England governor Mark Carney may be wise to take some time this weekend to brush up on the classics in advance of the unveiling of the new £10 note in Winchester cathedral on Tuesday. |
| Jane Austen will be the face of the new polymer banknote, and we are told that the governor and other speakers will take questions on the author of Pride and Prejudice at the event, which also marks the 200th anniversary of the writer’s death. | Jane Austen will be the face of the new polymer banknote, and we are told that the governor and other speakers will take questions on the author of Pride and Prejudice at the event, which also marks the 200th anniversary of the writer’s death. |
| The Bank will be hoping the launch of the new note, in circulation from September, will mark a hat-trick of relatively storm-free currency introductions following the new £1 coin and £5 note, although the presence in the notes of tallow, a byproduct of beef or mutton fat, may reignite pressure from vegans and animal rights activists – pressure the bank has previously refused to bow to. | The Bank will be hoping the launch of the new note, in circulation from September, will mark a hat-trick of relatively storm-free currency introductions following the new £1 coin and £5 note, although the presence in the notes of tallow, a byproduct of beef or mutton fat, may reignite pressure from vegans and animal rights activists – pressure the bank has previously refused to bow to. |
| When Carney joined the Bank as governor in 2013, much was made of his bumper pay package. After a generous housing allowance and pension contributions were added to the base salary, the total came close to £1m, putting him well ahead of his predecessor Mervyn King. | When Carney joined the Bank as governor in 2013, much was made of his bumper pay package. After a generous housing allowance and pension contributions were added to the base salary, the total came close to £1m, putting him well ahead of his predecessor Mervyn King. |
| By Austen’s standards, this must make him a very contented banker. “A large income is the best recipe for happiness I ever heard of,” the author wrote in Mansfield Park. | By Austen’s standards, this must make him a very contented banker. “A large income is the best recipe for happiness I ever heard of,” the author wrote in Mansfield Park. |
| Reports of Sports Direct’s health may make Ashley sick | Reports of Sports Direct’s health may make Ashley sick |
| Another week, another Sports Direct story. Details of Mike Ashley’s unusual business practices came to light in the high court recently, most memorably about how he considers himself a “power drinker” who once vomited into the fireplace of a pub at the end of a particularly robust drinking game. | Another week, another Sports Direct story. Details of Mike Ashley’s unusual business practices came to light in the high court recently, most memorably about how he considers himself a “power drinker” who once vomited into the fireplace of a pub at the end of a particularly robust drinking game. |
| Last week, it emerged the retailer had bought a near 26% stake in struggling video-games retailer Game Digital to add to a string of high-street investments, which include Debenhams and French Connection. On Thursday, the company’s full-year results will reveal its financial health. Last December, the company warned it expected trading conditions to remain challenging as it reported a 57% drop in profits for the first half of the year. | Last week, it emerged the retailer had bought a near 26% stake in struggling video-games retailer Game Digital to add to a string of high-street investments, which include Debenhams and French Connection. On Thursday, the company’s full-year results will reveal its financial health. Last December, the company warned it expected trading conditions to remain challenging as it reported a 57% drop in profits for the first half of the year. |
| The sports retailer, which suffered following a scandal surrounding working practices at its stores, blamed a political, union and media-led campaign for damage to its reputation, while Ashley admitted that it had been a tough period for the performance of the company. In March, it emerged it faces a rise in the cost of supplying goods to European stores after a contract that shielded it from a weakening euro ended. Ashley may need a pint by the end of the week. | The sports retailer, which suffered following a scandal surrounding working practices at its stores, blamed a political, union and media-led campaign for damage to its reputation, while Ashley admitted that it had been a tough period for the performance of the company. In March, it emerged it faces a rise in the cost of supplying goods to European stores after a contract that shielded it from a weakening euro ended. Ashley may need a pint by the end of the week. |
| Breaking the inflation barrier | Breaking the inflation barrier |
| Will inflation reach or break the 3% barrier this week? It rose to a four-year high in May as the pound’s post-Brexit fall in value worked its way through the economy. Economists’ expectations were confounded when it jumped to 2.9%. Now, with figures for June due this week, observers will be looking to see whether it hits or tops 3% – seen as an unlikely prospect not so long ago. | Will inflation reach or break the 3% barrier this week? It rose to a four-year high in May as the pound’s post-Brexit fall in value worked its way through the economy. Economists’ expectations were confounded when it jumped to 2.9%. Now, with figures for June due this week, observers will be looking to see whether it hits or tops 3% – seen as an unlikely prospect not so long ago. |
| The EU referendum prompted a sharp drop in the value of the pound, pushing up the cost of imported goods – electronics, clothes and food among others. This is now trickling down into the shopping baskets of the average household. In May 2016, a month before the vote, inflation stood at just 0.3%. After hedges against currency ran out earlier this year, the costs of household goods started to rise. | The EU referendum prompted a sharp drop in the value of the pound, pushing up the cost of imported goods – electronics, clothes and food among others. This is now trickling down into the shopping baskets of the average household. In May 2016, a month before the vote, inflation stood at just 0.3%. After hedges against currency ran out earlier this year, the costs of household goods started to rise. |
| Last month’s sharp rise took commentators by surprise, with many expecting it to stay at April’s 2.7%. The Office for National Statistics said higher food and electricity prices had contributed to the rise, as had higher oil prices. | Last month’s sharp rise took commentators by surprise, with many expecting it to stay at April’s 2.7%. The Office for National Statistics said higher food and electricity prices had contributed to the rise, as had higher oil prices. |
| Whether or not the 3% barrier is reached or broken this week, there appears to be an expectation that it will get there eventually. A Bloomberg survey of economists last month said the rate would peak at 3% by the last three months of the year. | Whether or not the 3% barrier is reached or broken this week, there appears to be an expectation that it will get there eventually. A Bloomberg survey of economists last month said the rate would peak at 3% by the last three months of the year. |
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| Mark Carney | |
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