It raised quite a few eyebrows last November, when the Bank of England announced that it would be poaching Mark Carney from the Bank of Canada.
Mark Carney had earned the reputation as one of the world’s best central bankers, and the UK seemed desperate for new economic leadership. Uninspired action from the Bank of England, and the austerity regime of the David Cameron government had people talking about a triple dip recession.
Could Mark Carney save the day? At the Bank of Canada he was something of an innovator when it came to using forward guidance to ease monetary policy, and there were high hopes that he could break new ground at the BoE.
And he still might, but before he’s even really done anything (he only assumed office on July 1), things are turning around in the UK.
Today the UK reported a stellar construction number.
Yesterday a UK manufacturing index hit a 28-month high.
UK retail sales growth just hit a 6-month high.
UK joblessness just fell at its fastest pace since 2010.
You get the picture.
Mark Carney has been in office for barely over a month, and all the economic data is looking bright. The history books will show a remarkable rebound right as he assumed office. Brilliant timing.
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