Michael Gove launches scathing attack on ‘arrogant’ Carney

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Conservative MP Michael Gove has attacked Mark Carney in a column published in The Times this morning, days after the Government tried to play down suggestions of a rift with the Bank of England governor.

Carney will decide before the end of this year whether he extends his term at the Bank of England from 2018 to 2021.

In Gove’s column, Carney and his central banking peers are blamed for the euro and Greece crises, record unemployment in Spain and Portugal, property crashes in Spain and Ireland, Germany’s and Italy’s bank woes, wealth inequality, and a failure to predict or prevent the global financial crisis.

Gove, who campaigned in favour of Brexit in the lead up to the referendum, compared Carney’s “arrogance” to a Ming emperor from medieval China who “flayed alive” those who “dared to question his rule”.

On Carney, Gove writes: “Any criticism of his actions is regarded as a thought crime — and those who dare to question his rule are flayed in the press.”

This week the Government reaffirmed its commitment to an independent Bank of England and denied any rift with Carney.

It followed a speech by Prime Minister Theresa May at the Conservative Party Conference that criticised the central bank’s policies.

But Gove defends her speech, which stated quantitative easing and low interest rates were driving inequality.

“Quantitative easing — and indeed the latest misjudged interest rate cut — have created significant economic problems.

“The prime minister was simply acknowledging the obvious and pledging, rightly, to address policies that generate inequality.”