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Former governor of the Bank of England, Mark Carney, sparked fury among Brexiteers after he accused them of having a “basic misunderstanding of what drives economies”.
Mr Carney criticised their support for tax cuts and reduced government spending, claiming that these policies were rooted in a flawed understanding of economic growth. He went on to suggest that such approaches were more aligned with “demolition” than “construction” and accused far-right populists, including Brexiteers, of capitalising on public anxiety to further their agendas.
He said: “Progressives build things that last – health care, infrastructure, schools, opportunities, sustainability and prosperity.
“Others, and there are others, have a different model. They are in the demolition business. Far-right populists see the anxiety of today as an opportunity to stoke the anger that’s necessary for their project.”
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He added: “It meant when Brexiteers tried to create Singapore on the Thames, the Truss government instead delivered Argentina on the Channel – and that was a year ago.
“Those with little experience in the private sector – lifelong politicians masquerading as free marketeers – grossly under-value the importance of mission, of institutions, and of discipline to a strong economy.”
In a spirited retort to his comments, Camilla Tominey, Associate Editor at The Telegraph, took aim at what she perceives as flaws in Mr Carney’s own economic philosophy.
Ms Tominey was quick to offer a counterpoint to Mr Carney’s assertions. She questioned the efficacy of Mr Carney’s “values-led” economic approach and highlighted the current state of taxation and public services in the United Kingdom. Ms Tominey argued that while Mr Carney disapproved of tax cuts and reduced government spending, the country found itself grappling with high taxes and inadequate public services while economic growth remained stagnant.
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She pointed out that Britain might not have realised the “Singapore-on-Thames” vision that some Brexiteers had in mind, but it certainly hadn’t devolved into the economic turmoil Mr Carney suggested with his comparison to Argentina. She stressed that Britain had, in fact, adopted a more European approach to tax and spending, which, in her view, was failing the nation.
Ms Tominey further alluded to the similarity in economic philosophies between Mr Carney and European leaders.
She also raised the timing of Sir Keir Starmer’s announcement that Britain would not diverge from EU rules if Labour were to win power in the next election. She observed that this declaration was made during an event hosted by Canada 2020, a centre-left think tank chaired by Mr Carney. This connection, she argued, hinted at a broader alignment of political and economic ideologies.
She wrote: “Carney says he doesn’t believe cutting taxes and government spending leads to growth, but where exactly has his ‘values-led’ economic approach got us? Certainly, today we are now being taxed more than ever for an overly bloated state delivering increasingly inadequate public services. Oh, and growth is still virtually stagnant.
“Yet it is little wonder that Remainer Carney feels so emboldened to make such remarks. Britain might not be the Singapore-on-Thames that many Brexiteers wanted but it isn’t Argentina, either. The fact of the matter is that we have quietly become a very European country in terms of tax and spend – and like the rest of Europe, it’s failing us (not that Carney and Co would care to admit it).
“Perhaps the most striking thing about Sir Keir Starmer’s suggestion that Britain would not diverge from EU rules if Labour wins power at the next election is not that he’s once again betrayed his pro-Remain sympathies. The Labour leader made the intervention in Montreal on Saturday, when he was speaking at an event hosted by Canada 2020, a centre-Left think tank whose advisory board is chaired by none other than Mark Carney.”
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