Mark Carney should stay at BoE despite Brexit criticism, says leading commentator

Lord Lawson calls for Mark Carney to stand down: 'He was expected to come up with something, I wouldn't call for him to go'

Lord Lawson has called for Mark Carney to stand down (Getty)

Friday, September 23, 2016

A leading stockbroker disagrees with Lord Nigel Lawson's call for Bank of England governor Mark Carney to stand down.

Lord Lawson, a former chancellor of the exchequer and President of the Conservatives for Britain group, heavily criticised Carney for "wading in" to the Brexit debate, and called for him to stand down.

The Tory Grandee said Carney's speech on the benefits of the European Union was "regrettable", and claimed his predecessors would not have acted in this way.

However Justin Urquhart Stewart, co-founder of Seven Investment Management and a regular commentator in the national newspapers, told Julia Hartley-Brewer: "Getting rid of the head of your central bank is really a very important move indeed.

"The central bankers over the past few years have really been the ones that have been keeping the global economy going.

"If you look at the statements from the Bank of England generally they were fairly well-balanced, but of course the headlines were picked up.

"He was expected to come up with something, and I think [he] probably did cross a line of going too far, but equally afterwards he's come into criticism for the action he's taken in terms of cutting interest rates, people saying he's panicked too much by going the other way.

"I wouldn't necessarily call for him to go, because I'm not quite sure I can see too many others at the moment saying I'd have that individual as [the head of] the Bank of England."

Listen to the full interview to find out more