Friday 23 February 2018

Mark Carney's lucky secret is revealed - he's Irish

Mark Carney has appeared to have the luck of the Irish since becoming Bank of England Governor in July, and now we know why.

Mark Carney, governor of the Bank of England
Mark Carney, governor of the Bank of England

Andrew Trotman

The central bank has confirmed that Mr Carney has held Irish citizenship for the past 25 years, since he worked for Goldman Sachs in London, the Financial Times reports.

Mr Carney was born in Canada but went to Harvard and Oxford University to study economics. He spent 13 years with Goldman in London, Tokyo, New York and Toronto.

The former head of Bank of Canada has enjoyed a smoother ride in the past few months than his predecessor Lord King, who had to grapple with a recession and credit crunch.

Since becoming Governor of the BoE, Mr Carney has upgraded the outlook for UK growth, seen unemployment fall and on Tuesday the Office for National Statistics reported that Inflation, as measured by the consumer prices index (CPI), eased to 2.2pc in October, from 2.7pc in September.

This was well below the 2.5pc forecast by economists and close to the Bank of England’s 2pc target.

Economists said the data provided the Bank of England with “an exceptionally favourable backdrop” to Wednesday's Inflation Report, and came as the OECD said that UK growth was “firming”.

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