Life will ‘get difficult’ for the poor due to Brexit inflation says Carney. Meaning it’s easy now?

Mark Carney [Image: PA].

Mark Carney [Image: PA].

Bank of England Governor Mark Carney seems to know the value of understatement.

Life will “get difficult” for the most vulnerable people in Britain, he says – as if it isn’t already intolerable now.

Has he forgotten the thousands who died during the David Cameron administrations because the Conservative-led governments denied them the benefits that were theirs by right?

I don’t just mean the few thousand who the DWP grudgingly admitted were recorded as having died, either – it is likely that many more passed on in the weeks and months after the civil servants doing the Tories’ dirty work stopped monitoring them.

And what about the jobs Mr Carney reckons his interest rate cut has safeguarded? Are they real jobs, by which I mean are they full-time jobs that pay a proper living wage and don’t require the worker to claim benefits as well?

I doubt it.

So it seems we’ll see a huge increase in hardship over the next few years, due to Brexit. Was that the plan?

Was there a plan?

If so, it seems around 17 million people were suckered.

Life will “get difficult” for the most vulnerable people in Britain as inflation rises in the coming months due to the sharp depreciation of sterling in the wake of the Brexit vote, the Bank of England’s Governor Mark Carney has said.

Speaking in Nottingham at a public roundtable event, Mr Carney said that inflation was likely to overshoot the Bank’s official 2 per cent target over the coming years but that the Bank would tolerate this in order to protect jobs.

“We are willing to tolerate a bit of an overshoot to avoid unnecessary unemployment,” he told a group of charities and other third sector organisations.

He added that between 400,000 and 500,000 jobs could have been at risk if the Bank of England had not cut interest rates in August to 0.25 per cent.

Source: Brexit latest: Life will ‘get difficult’ for the poor due to inflation says Mark Carney | The Independent


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11 thoughts on “Life will ‘get difficult’ for the poor due to Brexit inflation says Carney. Meaning it’s easy now?

  1. Nick

    until brexit is finalized the pound will be on the low side and come April next year will be at it’s lowest point at around 1 dollar to the pound

    the governor has made it very clear from day one that brexit is very expensive for the very simple reason in that no one knows the state of play.

    investors more then anyone else need to invest in solid plans. They normally look to the governor for leadership but at this time he can advise them on nothing just like you or i

    anything to do with food or gas/ petrol will rise and this will cause inflation

    i think overall we will be looking until 2020 at the earliest to see what the overall brexit plan will be

    all main uk businesses are already exporting to around 40 countries worldwide so for them brexit is a bad move as it creates uncertainty within the EU of which they could have done without

    brexit overall in reality is about sovereignty and the control of ones boarders and that’s about it ‘because as i say the top uk manufactures are already world players so to them brexit means nothing

    small business may find the odd gap in the wider world market but that’s unlikely as china/India/Vietnam etc have those gaps already filled

    1. Nick

      I should also add mike in that those who did vote for brexit have not taken into consideration of any of the small details like health and safety of food and electrical imports

      many countries suffer very badly outside of the EU with sub standard goods and with us outside of the EU how are we going to cope?

      customs find it very difficult as it is now with fake goods and this will get much worse outside of the EU

      I say small detail but the for those who did vote for brexit they haven’t coincided this point at all at any time

      The EU with all it’s flaws is still a god send to many of those in the EU even tho it has been very tough on some of them’ as without the power as a whole of the EU many of those countries would never have received the input that they have from the major world class players like Samsung/Panasonic ETC

      At the end of the day we will end up much worse off as we don’t have the Japanese attributes of a high wage high skilled economy which is vital for a world class country

      where we will fit in the world remains to be seen but for the life of me it’s not looking good

  2. shaun

    Yes, even more difficult would have much. much more accurate. However, the political reality is that Carney would make so honest a statement, that’s assuming his mind looks down upon the poor at all.

  3. jeffrey davies

    ah the weasel drom canada who did georges bidding for him but everyone of those who doesnt believe in aktion t4 well history will prove right that culling the stock through benefit denial was their way jeff3

  4. Rupert Mitchell (@rupert_rrl)

    Do we lose the right to appeal to the European Court of Human Rights when and IF article 50 is invoked? I never wanted to leave the security of the EU although I certainly felt that there were many weaknesses which needed consultation rather than table thumping. People were encouraged to vote and many did so without considering all the consequences. When considering such an important matter it is necessary to use one’s head rather than one’s heart; although, in this case, I am happy to say that I used both when I voted to stay IN.

  5. Barry Davies

    Sounds like his contract is coming up for renewal so he is proposing that we would be even worse off without his interventions. As he also claimed that the fall in the value of sterling was a rebalancing which has now left the euro even more overvalued than it should be, it seems a bit strange to claim brexit could cost jobs and hit the poor who have been suffering since 2005 anyway.

  6. Roland

    It will be OK after all we Have taken control and as an american told me workers are like tools us them and then kick them out

  7. Brian

    Bank of England Governor Mark Carney Vacates his Position.

    When, any time soon, he will not want to be tarnished with the same brush as the Tories.

  8. jeffrey davies

    ah the failed bankster from canada who was brought to our shores by georges wishes hmm yes they all in it just we wernt

  9. Pauly

    The Conservatives could always unfreeze working age benefits and raise them in line with inflation rather than let them fall in real terms until 2020. That would help a little.I think that’s probably not going to happen somehow despite the new Prime Minister once again trying to sanitise the “nasty” out of the nasty party which she leads.

Comments are closed.