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What the Bank of England needs to learn from Manchester United

by: Jon Round
  • 21/05/2013
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What the Bank of England needs to learn from Manchester United
In just a month the new Bank of England governor, Mark Carney, takes over the helm of the British economy from current incumbent Mervyn King.

Mark Carney has, perhaps shrewdly, been noticeably silent in the months since he was appointed. However, with just a few weeks to go, we are still waiting to find out what he thinks on any of the key subjects that will affect the British, or even the global, economy over the forthcoming months.

Almost all of the commentary was immediately after his appointment, which gave a bit of an insight on what he’s done in the past, but very little on what his judgements or opinions are on the future or the way he will approach his new role.

It seems odd that Mervyn King has been stepping up his press profile and expressing some strong opinions, over recent days, given that he will no longer be doing the job, yet we won’t know what the new governor will think until he is actually in position.

This uncertainty is made all the greater by the fact that he is a Canadian who has never lived in the UK. Carney looks to be a very different character to Mervyn King, but this long period of silence before the handover leaves a time of uncertainty which you would never have in other walks of life.

Take Manchester United for example. Within 48 hours of Sir Alex Ferguson saying that he was retiring the club had announced the new manager.

Manchester United’s handover period was only two matches eliminating any insecurity that may have destabilised the club.

Mervyn King has recently hit the headlines with less than positive views of Help to Buy. Whilst Mervyn’s views remain mildly interesting, what we all really want to know is what does Mark Carney think, but it looks as if we will still have to wait a while for this.

I hope that when the new governor finally does take the helm the transition will be as smooth as it appears to be on the football scene and he will help to guide the UK economy back to the Premier League.

Jon Round is financial services director at LSL Property Services Group

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