Five challenges Carney faces to fix UK economy

FIVE CHALLENGES CARNEY FACES

Jim Leaviss, head of retail fixed income at M&G, has outlined five key challenges incoming Bank of England governor Mark Carney faces when he takes up the post in July.

Leaviss said Carney is tasked with getting the UK economy out of a downturn which is arguably more severe in GDP terms than the great depression. But he said the incoming governor may well struggle to spark higher growth via monetary policy - if indeed his remit is extended in this way - because of the mess the UK finds itself in. Here Leaviss sets out five roadblocks the incoming governor will need to overcome to get the UK recovery up to speed. 1. You cannot cut bank rate in the UK because you hit the building societies Easy right, you fly over, cut rates and give a small bu...