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Charles Goodhart on Carney, rates and what to expect next
There are few people with a greater understanding of the Bank of England and the UK economy than Professor Charles Goodhart. He was once a member of the Bank’s Monetary Policy Committee and speaks to Saxo TV's Lea Jakobiak about Mark Carney and when we can really expect rates to rise in the UK.
Mark Carney’s come in for criticism for giving markets mixed messages about future policies. On Tuesday, he told British MPs that there’s perhaps more slack in the British economy that he first thought and he was concerned about the lack of wage growth in the country. This is something that worries Professor Goodhart, now Central Bank Policy Advisor for the ECU Group. He says it’s worrying that income levels have exhibited extremely slow growth and productivity levels have remained down over the past few years. Professor Goodhart thinks we’ll see a UK rate hike in November.
He also gives Lea Jakobiak his views about the US Federal Reserve and its “tapering” of its quantitative easing programme. He sees a nomralisation of interest rate policy once stimulus ends in the Autumn. After that, he believes Fed Chair, Janet Yellen, will pause and reassess what needs to be done to keep the US economy on track.
02:34 minutes
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