The knives are out for Mark Carney three years after the Canadian became the new Governor of the Bank of England, having previously held the position of Governor of the Bank of Canada. Although his term of office is for eight years it had been agreed that he will quit after five years  due to family plans. Many critics and commentators are saying that after three years of inaction followed by moves in the wrong direction post-referendum, by the Governor and the Monetary Policy Committee, that the situation is intolerable. It is also rumoured that he may remain in office for the full term up to 2021 but the dismissal of his guardian angel, George Osborne, makes that questionable. There have been calls for his resignation resulting from his interventions in the Referendum debate. The new occupants of numbers 10 & 11 Downing Street could run out of patience, even though the independence enjoyed by the B of E is convenient as it shields them from a degree of criticism.
The dismissal of George Osborne from the positions of First Secretary of State and Chancellor of the Exchequer cannot be put down solely to the result of the EU Referendum or his part in the Remain campaign and in Project Fear. His dire warnings of the consequences for the economy if the people voted to leave the EU was like water off a ducks back. His warnings were too precise and stark to be taken seriously. The only people who took notice were the traders and speculators in the markets who reacted adversely when it became obvious that the UK had voted to leave the EU. As usual they panicked, even when there was no immediate practical effect of the vote, as they had placed their bets on a vote to remain and many of them got their fingers burnt. This is especially so in the money markets where the subsequent devaluation of the Pound Sterling was unnecessary and a man-made occurrence. In effect George talked down the UK economy in his efforts to confuse voters and achieve a remain result. He has gained a reputation and in years to come parents will scold their naughty children with the threat that Bogyman George will get them if they don’t behave.