‘Turning our backs on open markets would be a tragedy’ – The Bank of England Governor Mark Carney’s Speech Highlights at Liverpool John Moores University

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File Pic: Wikimedia

Globalisation is associated with low wages, insecure employment, stateless corporations and striking inequalities.

Turning our backs on open markets would be a tragedy, but it is a possibility.

It can only be averted by confronting the underlying reasons for this risk upfront.

Redistribution and fairness also mean turning back the tide of stateless corporations.

As the prime minister recently stressed, companies must be rooted and pay tax somewhere.

Businesses operating across borders have responsibilities.

The thrifty saver and the rich asset holder are often one and the same.

Just 2% of households have deposit holdings in excess of £5,000, [they have] few other financial assets, and don’t own a home.

So the vast majority of savers who might have lost some interest income from lower policy rates have stood to gain from increases in asset prices, particularly the recovery in house prices


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