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News - 4 July 2013

New head of the Bank of England takes charge

As Sir Mervyn King steps down as governor of the Bank of England, the ex- head of Canada's central bank, Mr Mark Carney will become the first foreigner to run the 319-year-old institution.

He takes over with interest rates at an all-time low and with several stimulus programmes in place to revive the economy following the financial crisis.

Financial markets are already braced for an end to the era of cheap money as central banks such as the US Federal Reserve signal a rise to more normal levels of interest rates over time.

Since the economic crisis began in 2008, the Bank has kept interest rates at historic lows and implemented quantitative easing to inject £375bn of liquidity into the financial markets.

Former member of the rate-setting Monetary Policy Committee (MPC), DeAnne Julius, said
"Most sensible people realise that he can't wave a magic wand and fix everything. The economy is recovering, financial markets are strong. He's probably, as an outsider, the best person to change the culture in the Bank of England - something that's been needed for a while. So I'm quite optimistic."

In announcing his appointment last year, Chancellor George Osborne said Mr Carney was acknowledged as "the outstanding central banker of his generation".

Mr Carney was educated at the universities of Harvard and Oxford. He spent 13 years with the investment bank Goldman Sachs before taking over the Canadian central bank. He was once listed by Time Magazine as one of the 25 most influential people in the world.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The former head, Sir Mervyn, joined the Bank as its chief economist in 1991 and became its deputy governor from 1998 to 2003, when he took over as Head for the last ten years. The term for a Bank governor is traditionally eight years, but Mr Carney has indicated he intends to serve for five years and stand down at the end of June 2018.”

If you need any help and advice for your business on Corporation Tax or you need to keep abreast of changes in legislation and how it could impinge upon your business, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail:

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