How surprised would you be if asked to meet with Mark Carney, Governor of the Bank of England, just 4 weeks into his new job!
Well I was and I did.
The meeting included 12 people a cross a section of industry within Hampshire and several Bank of England Officials in what was a very fast, thought-provoking hour question and answer session.
The questions I had in readiness were;
- What will be the key threat to UK financial stability over the next five years?
- You and The Financial Policy Committee, will have the job of preventing the next financial crisis, what will you be doing?
- Can the Bank do more than the funding for lending scheme to boost the economy?
- The funding for lending scheme has failed to increase SME lending. It appears that the money has just been ‘sat on’ and used to improve the Banks financial strength rather than encourage them to increase profitability through increased lending?
- Do you believe that Forward Guidance will have any credibility or can work in the UK given that the BoE forecasting record has been inconsistent at best?
- How will you and how can we judge whether you have been a success at the end of his five-year term?
OK, I may not be the next Paxman, but the answers given were full, reassuring and thankfully, had the feel they had been given many times before.
The opportunity to meet with the Governor of the Bank of England, just 4 weeks into the job speaks volumes to me that Mark Carney is a man who is about action and wants to understand the challenges that real SME businesses deal with on a day to day basis.
Early days and from what I experienced today, his ability to impress the markets, economists, and even a group of determined female protesters within his first week was reinforced during our hour meeting with him today.
Good luck Mark Carney ……. we all want you to succeed!