Poor Tony: perhaps he has not noticed that monetary policy has effectively ceased to exist for the last six years or so as interest rates at or near zero have gutted it as an instrument of policy
Is he really unaware that interest rates at or near zero is monetary policy? And is he also insisting that QE isn’t monetary policy?
Seriously?
It seems Mr Carney should look at what happened before he got here. From 2009 to 2012 HM Treasury borrowed (as I recall, but I think I am right) £426 billion and over the same period the Bank of England repurchased £375 billion of gilts. If that was not the Bank funding the deficit what was it Mark? Please tell?
Erm, it was monetary policy?
When it comes to monetary policy it’s quite obvious that the Governor of the Bank of England should bow down before the accumulated years of wisdom and experience of a retired provincial accountant.
Well up to a point Lord Copper. Its only monetary policy if it ever gets reversed, which I severely doubt it ever will. If it never gets reversed its money printing.
Ritchie’s patronising, complacent, arrogant tone is a wonder to behold!
“From 2009 to 2012 HM Treasury borrowed (as I recall, but I think I am right) £426 billion[…]”
That’s the rhetorical stance of a saloon-bar bore, not a serious commentator on economic matters. If you don’t have the correct figure to hand, them fucking go and look it up you lazy pompous cunt.