During his time as Bank of England Governor, Mervyn King earned a reputation as a 'steady pair of hands' during the 2008 Recession. Since he retired in 2013, his successor, Mark Carney, has made the economic situation since Brexit worse.
During the EU Referendum, Mr. Carney basically said the economy would struggle in the immediate aftermath of a Brexit vote. Yet it has confounded everyone's expectations. Growth has remained, even if it has been low, and there was no recession like so many 'experts' predicted. Amazon has recently announced it intends to create more jobs in the UK and other companies, including Snapchat, said they would do the same.
Even though the pound dropped to its lowest level since 1985, exporters have benefitted from this.
Brexit has transformed Lord King's fortunes
He may have earned a name for himself as a 'doom and gloom' governor during his stint managing the Bank of England, but Brexit has transformed Lord King's fortunes. He is one of the very few establishment figures who realise the potential leaving the EU offers Britain. Considering he steered the UK through the worst recession since the Second World War, when he speaks, everyone should listen.
What Lord King has said since June 23rd is absolutely correct. Over the weekend, the former governor said the Government has failed to plan for the likelihood of no deal.
If he was governor during the EU Referendum, and even before it, he could have offered David Cameron advice on what needed to be done if the UK voted to leave the EU. He would have talked up Britain's opportunities post-Brexit as well. Perhaps businesses might feel more certain about this country's prospects if he was still governor, for he would have been able to contradict the profound claims of 'Project Fear' last year.
Mr. Carney has done everything in his power to ruin Brexit
In contrast, Mr. Carney has done everything in his power to ruin Brexit. In August last year, he slashed interest rates to an all-time low of 0.25 per cent and reiterated that decision last week. He is punishing savers who have been at a disadvantage for nearly a decade just because the electorate made a decision he deplores.
And he continues to downplay the UK's chances outside the trading bloc and has downgraded economic growth for the next two years. He is not the leader the Bank of England requires right now.
The current Governor also decided to prolong his time in office. It makes you wonder if he is doing this to continually thwart Brexit.
It is times like this we should all miss Mervyn King. Forget 'bring back Dave', we should make 'bring back Mervyn' a trend.
