Commenting on today’s MPC vote and Carney’s imminent departure, Artur Baluszynski, Head of Research at Henderson Rowe, said: “Although Mark Carney hasn’t had to face any recessions or financial crises during his tenure, he didn’t shy away from making difficult decisions. Despite all the criticism from the Leave camp, Carney’s interest rate cut and “mini” QE after the Brexit vote were the correct things to do considering what we knew – or what we didn’t know – about the Brexit process and how disruptive it would be for the UK economy.
“Carney’s replacement however is likely to face a more challenging environment. The slowing global economy, the reality of the Brexit implementation process and escalating political instability in the UK, US and some parts of Europe will continue to have an impact on the UK economy, already weakened by three years of difficult negotiations with the EU. Also, considering Carney’s deep knowledge of the monetary policy, regulations, international finance and his performances in front of the media, whoever comes next has some big shoes to fill.”