CARNEY’S HOUSING BUBBLE BANK STRESS TEST: A sure sign that the Governor is very much his own man

11 Feb

The Slog.


Santander seen privately as “aeroplane without engines”

We’re pretty much all driven by guilt about the past and fears about the future. The deadly human ability to look back and forward without appreciating Now has always been, and always will be, a powerful guide to what we might do in any given set of circumstances.

This not exactly original observation is nevertheless made important in in the light of what Bank of England Governor Mark Carney has just done: that is, order a stress test of the UK’s banks in the event of a housing crash. Let me, if I may, expand on this.

Carney has had something of a rough ride since he arrived from Canada. It can’t have been nice, for example, to pitch up (having been sold one task) only to be given something entirely different to do. Within a few weeks this led the Governor to…

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