Tag: Mark Carney

The warning from the Bank of England governor Mark Carney about the economic impact of a no-deal Brexit is all over Thursday’s front pages, with papers showing their Brexit colours in their reporting of the news. Economic forecasts strike blow to Theresa May's Brexit deal Read more The Telegraph has labelled Carney’s announcement “doomsday analysis”, and its story says: “Mark Carney has been accused of undermining the Bank of England’s ‘independence and credibility’ after publishing an analysis of the economic impacts of no deal so bleak it has been dubbed ‘project hysteria’.” The source of this “Project Hysteria” line is staunch Eurosceptic MP Jacob Rees-Mogg. (@Telegraph) The front page of tomorrow's Daily Telegraph 'Carney unleashes Project Hysteria' #tomorrowspaperstoday pic.twitter.com/VYKt7bUm2W November 28, 2018 The Daily Express also has Rees-Mogg’s quote in its splash: “Bank boss Carney’s ‘Project Hysteria’” and showed its leanings by leading not with the straight news of Carney’s comments but with the fact he “faced a furious backlash”. “MPs tore into the governor’s latest bleak prognosis, accusing him of meddling in politics by attempting to stoke up Project Fear once again,” said the paper The Sun runs the punny headline “Carnage”, under a picture of Carney’s face, leading with the impact of a “brutal no deal Brexit” on house prices, which Carney warned could crash by 30%. The Sun (@TheSun) Tomorrow's front page: House prices would plunge by 30% as Britain falls into recession in brutal No Deal Brexit, Bank of England warns https://t.co/qO0whglB5h pic.twitter.com/JuhTnk5S4l November 28, 2018 The Daily Mail ignores Carney’s comments, focusing instead on news that reflects more favourably on the PM. Allie Hodgkins-Brown (@AllieHBNews) Thursday’s Daily MAIL: “Key Cabinet Brexiteer: I’m Backing May’s Deal” #bbcpapers #tomorrowspaperstoday pic.twitter.com/BYkTHZjJxg November 28, 2018 The Guardian plays it straight: “Warnings over economy deal blow to May’s Brexit strategy”, citing the Bank of England’s warning and the “official Whitehall analysis [which] concluded that in all Brexit scenarios, including May’s final deal, the UK would be worse off”. (@guardian) Guardian front page, Thursday 29 November 2018: Warnings over economy deal blow to May's Brexit strategy pic.twitter.com/EDqFU5jzFc November 28, 2018 The Times follows a similar vein, and reports Carney’s comments: “No-deal Brexit ‘would be worst crash since 1930s’”. Allie Hodgkins-Brown (@AllieHBNews) Thursday’s TIMES: “No-deal Brexit ‘would be worst crash since 1930s’ “ #bbcpapers #tomorrowspaperstoday pic.twitter.com/MtrN8nXpQz November 28, 2018 The FT says “May forced to concede all Brexit roads will lead to a poorer Britain”. The i also lays things out pretty straight “Bank warns of worst economic slump since second world war”, adding “Labour now warming to a second referendum”. Allie Hodgkins-Brown (@AllieHBNews) Thursday’s Daily MIRROR: “May’s Deal Will Cost Us £100 Billion” #bbcpapers #tomorrowspaperstoday pic.twitter.com/v0lrtNQiMj November 28, 2018

Some of the planet's most powerful people will take part in the infamously secretive Bilderberg meeting that begins Thursday to discuss their most pressing concerns, including Russia, free trade and the "post-truth" world. So far, 131 participants from 23 countries have confirmed their attendance, Bilderberg's organizers said. The "post-truth" world 12. Current events Some issues like the rise of anti-establishment politics and populism in Europe, persistent inequality, the West's trick relationship with a resurgent Russia and Saudi Arabia and Iran's emnity have been around for a while. Others, like the rise of artificial intelligence and quantum computing, reflect uncertainty over mankind's relationship with technology. Politics and geopolitics dominate the list, however, with the themes of Russia, the Middle East, U.S. world leadership and the domestic political environment ahead of midterm elections in November. Founded in 1954, the Bilderberg meeting is an annual event designed "to foster dialogue between Europe and North America," organizers say. "The conference is a forum for informal discussions about major issues facing the world. Organizers said the financing was a mixed bag: "Annual contributions by steering committee members cover the annual costs of the secretariat. Participation is by invitation only, and there is no attendance fee.

British households are more than £900 worse off after the vote to leave the EU, according to the governor of the Bank of England, in comments that risk a renewed confrontation with senior Brexit supporters in the government. Comparing the current state of household finances with forecasts made by the Bank before the referendum, prepared on the basis of a remain vote, Mark Carney told MPs that household incomes were now significantly lower than expected. Business leaders say economic nationalism is biggest growth threat Read more Speaking in front of the Treasury select committee of MPs, Carney also said the economy was 2% smaller than forecast before the EU referendum, despite the strength of the global economy and the Bank’s emergency cut in interest rates after the Brexit vote. Jacob Rees-Mogg told MailOnline Carney was “crying wolf”, while Boris Johnson, speaking on a visit to Argentina, insisted Brexit had not damaged the interests of the country. “I believe that the chancellor of the exchequer has given a definitive answer on this matter, which is that it is not the case that Brexit has damaged the interests of this country,” Johnson said. However, opponents of Brexit seized on Carney’s remarks as evidence of the pain being inflicted on households by Britain’s EU exit. Consumers have come under significant financial pressure from rising inflation since the Brexit vote, as the immediate drop in the value of the pound pushed up the cost of importing food and fuel to Britain. At the same time wage growth has remained weak despite the lowest levels of unemployment since the mid-70s. But after a year of falling living standards, earnings finally began to rise above inflation in February, signalling the worst of the pressure on household finances could be coming to an end. The strength of the world economy and availability of finance from the banking sector should have helped encourage companies to invest more, boosting the economy, he said.