The Friday arts diary

Our cultural picks for the week ahead.


Gateshead International Jazz Festival, The Sage, Gateshead, 5-7 April

According to its organisers, Gateshead International Jazz Festival is the largest UK festival held under one roof. Headline acts include the National Youth Jazz Orchestra, Lighthouse, Ruby Turner and the Brand New Heavies. But its nuanced programme of smaller performances is equally interesting: Broadcaster/musician Alyn Shipton, will be exploring the relationship between jazz and poetry, notably the work of Philip Larkin and W B Yeats, in a piece entitled Jazz Words. Meanwhile, seminal French guitarist Bireli Lagrene will be making a rare appearance to the festival, with a jazz quartet reminiscent of the Blue Note acts of the 1960s.


Labyrinth of Love tour. Festival Theatre, Edinburgh, 9-19 April

The Rambert dance company returns to Edinburgh with the critically-acclaimed Labyrinth of Love. Grammy award-wining composer Michael Daugherty’s score is performed live by both the Rambert Orchestra and soprano Sarah Gabriel, in what is both a musically and visually stunning piece. Choreographed by Marguerite Donlon, Labyrinth of Love provides a fitting centre-piece for a production which also features Merce Cunningham’s seminal work Sounddance, Richard Alston’s solo Dutiful Ducks and Paul Taylor’s Roses.


Rosemarie Trockel: A Cosmos. Serpentine Gallery, London W2, until 7 April

An exhibition that sets about creating a space in which ideas from different disciplines can cross-pollinate, A Cosmos sees German artist Trockel situate her work among other artefacts and objects. Each one was selected by Trockel, in dialogue with curator Lynne Cooke, to produce a context for the artist’s work, including science and natural history. Trockel has resisted an identifiable style throughout her 30-year career, which has seen her exhibit in Paris, London and New York. It closes this Sunday, so catch this marvellously eclectic exhibition while you still can.


A day in the death of Joe Egg, Everyman Theatre, Liverpool, 5-27 April

This weekend sees the revival of the critically-acclaimed play A day in the death of Joe Egg by Peter Nichols. The play was first performed in 1967. This production stars Ralph Little, Rebecca Johnson and Marjorie Yates. A fast-paced black comedy centred on the struggle of a young couple raising a disabled child, Nichols’s script was described by the Stage’s Gareth K Vile as “brutal, funny and provocative. The actors are challenged to jump across genres, picturing a reality bounded by a child’s absolute dependence, but made into a hell by their own personal failures.” It’s one to watch.

Spoken Word

Scratch the word, The Ovalhouse, London SE11, 11 April

Scratch the word is an exciting "scratch" event, exploring the creative overlap between spoken word, live literature and video verse. A group of performance poets will each perform a 10-minute sample of their work, followed be a Q&A panel discussion hosted by organisers Spread the Word. It will also include performances from the likes of Nick Makoha, whose one-man show My Father and Other Superheroes is due to feature at the Southbank Centre’s London Literature Festival.

A tenor saxophone. Photograph: Mario Tama/Getty Images
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Leader: Mark Carney — a rock star banker feels the heat

Rather than mutual buck-passing, politicians and central bankers must collaborate in good faith.

On 24 June, the day after the EU referendum, the United Kingdom resembled a leaderless state. David Cameron promptly resigned as prime minister after his humiliating defeat. His closest ally, George Osborne, retreated to the safety and silence of the Treasury. Labour descended into open warfare; meanwhile, the leaders of the Leave campaign appeared terrified by the challenge confronting them and were already plotting and scheming against one another.

The government had not planned for Brexit, and so one of the few remaining sources of authority was the independent Bank of England. Its Canadian governor, the former Goldman Sachs banker Mark Carney, provided calm by announcing that Threadneedle Street had performed “extensive contingency planning” and would not “hesitate to take additional measures”. A month later, the Bank cut interest rates to a ­record low of 0.25 per cent and announced an additional £60bn of quantitative easing (QE). Both measures helped to avert the threat of an immediate recession by stimulating growth and employment.

Since then the Bank of England governor, who this week gave evidence on monetary policy to the economic affairs committee at the House of Lords, has become a favoured target of Brexiteers and former politicians. Michael Gove has compared Mr Carney to a vainglorious Chinese emperor and chided him for his lack of “humility”. William Hague has accused the Bank of having “lost the plot” and has questioned its future independence. Nigel Lawson has called for Mr Carney to resign, declaring that he has “behaved disgracefully”.

At no point since the Bank achieved independence under the New Labour government in 1997 has it attracted such opprobrium. For politicians faced with the risk, and the reality, of economic instability, Mr Carney and his colleagues are an easy target. However, they are the wrong one.

The consequences of loose monetary policy are not wholly benign. Ultra-low rates and QE have widened inequality by enriching asset-holders, while punishing savers. Yet the economy’s sustained weakness as well as poor productivity have necessitated such action. As Mr Osborne consistently recognised when he was chancellor, monetary activism was the inevitable corollary of fiscal conservatism. Without the Bank’s interventionism, government austerity would have had even harsher consequences.

The new Chancellor, Philip Hammond, has rightly taken the opportunity to “reset” fiscal policy. He has abandoned Mr Osborne’s absurd target of seeking to achieve a budget surplus by 2020 and has promised new infrastructure investment in his Autumn Statement on 23 November.

After years of over-reliance on monetary stimulus, a rebalancing is, in our view, necessary. Squeezed living standards (inflation is forecast to reach 3 per cent next year, given the collapse in the value of sterling) and anaemic growth are best addressed through government action rather than a premature rise in interest rates. Though UK gilt yields have risen in recent weeks, borrowing costs remain at near-record lows. Mr Hammond should not hesitate to borrow to invest, as Keynesians have long argued.

The Bank of England is far from infallible, of course. In recent years, its growth and employment forecasts have proved overly pessimistic. Mr Carney’s immediate predecessor, Mervyn King, was too slow to cut rates at the start of the financial crisis and was ill-prepared for the recession that followed. Central bankers across the developed world, most notably the former Federal Reserve head Alan Greenspan, have too often been treated as seers beyond criticism. Their reputations have suffered as a consequence.

Yet the principle of central bank independence remains one worthy of defence. Labour’s 1997 decision ended the manipulation of interest rates by opportunistic politicians and enhanced economic stability. Although the Bank’s mandate is determined by ministers, it must be free to set monetary policy without fear of interference. The challenge of delivering Brexit is the greatest any British government has faced since 1945. Rather than mutual buck-passing, politicians and central bankers must collaborate in good faith on this epic task.

This article first appeared in the 27 October 2016 issue of the New Statesman, American Rage