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Future Bank governor Mark Carney warns Europe faces lost decade

Incoming Bank of England governor Mark Carney

Incoming Bank of England governor Mark Carney has warned Europe could face a “decade of stagnation” unless it takes bolder policy decisions such as boosting quantitative easing. 

The Daily Telegraph reports that in his last speech as Bank of Canada governor, Carney backed Japan’s “bold policy experiment” of boosting its quantitative easing programme. 

The newspaper suggests this declaration of support could see Carney extend the UK’s asset purchase programme in a bid to boost growth when he takes over as Bank of England governor next month.

Carney said: “Europe can draw lessons from Japan on the dangers of half measures… Europe remains in recession. Deep challenges persist in its financial system. Without sustained and significant reforms, a decade of stagnation threatens.”

He attributed Canada’s success to “responsible fiscal policy, sound monetary policy, and a resilient financial system”, and added that out of the G7 nations, only “Canada does not need to repair”.

The International Monetary Fund will today publish its annual update on the UK economy, and its position on chancellor George Osborne’s strategy for getting the economy back on track.



Sir Mervyn King warns Govt over Help to Buy risks

Bank of England governor Sir Mervyn King has warned the Government its Help to Buy scheme could fuel a US -style housing boom and must not be made permanent. Speaking to Sky News yesterday, King said the plan to guarantee mortgages with 5 per cent deposits is “too close to comfort” to the US system […]

Neil McCarthy MM blog

Neil McCarthy: Cherrypicking applicants damages consumer confidence

While revolutionary changes can have the biggest transformation on your business, the results are not always guaranteed. In life assurance I can not think of any significant revolutionary changes over the past 10 years that have impacted on the processes. The most significant was the internet and how it made a difference in accessing quotes, […]

PIMS: The mood on board the boat

Money Marketing spoke to advisers at PIMS on board the Arcadia last week about the benefits and challenges of the RDR, the changes they have made to their business and how their clients are reacting to the new regime. Murphy Financial associate partner Adrian Murphy: “Since the turn of the year there have been many challenges, but […]

PIMS: HMRC U-turned over rebate tax decision

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Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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