Does Mark Carney really deserve his reputation as a super-banker?

The new Bank of England governor shouldn't be given so much credit for Canada's economic success.

Super-banker Mark Carney negotiated an impressive 30 per cent increase in remuneration, in the form of pension contributions, providing him with a total of £624,000 a year for the Bank of England job. This was not agreed by the remuneration committee but was negotiated by the Treasury (George Osborne) and agreed by the bank’s non-executive directors.

If I had a time machine, I’d go back to 1938 in Cleveland, Ohio, and be in the room when Joe Shuster created comic book hero Superman. I don’t have a time machine, but I was in London in November 2012 when super-banker Mark Carney was invented. So since we’re all having to put our hands in our pockets and pay this man his extravagant salary, maybe we should dispel a few myths before going any further. Gushing Osborne describes him as an "outstanding candidate" in the press release. He loves Carney for "avoiding big bail outs and securing growth." So is that what super-banker really did?

Canada has always had a conservative banking industry and its banks were not over-exposed on entering the credit crunch. The country avoided the crisis in every way except for being the neighbour of the USA, which did cause a short term shock. Carney arrived at the Bank of Canada in February 2008, when the world crisis was already in full swing. It would be impossible for him to have implemented policy that retrospectively saved Canada from turmoil. He was simply there when nothing happened and is happy for people to believe he is a genius as a result.

As for Osborne’s comment on "securing growth"? The fact is that countries like Canada and Australia are rich in resources at a time when the expansion of China has created massive demand for them. Carney didn’t arrange for the rise of China, although if someone had attributed it to him, you can bet he’d allow the myth to perpetuate.

For Canada, the last five years have been so benign that Carney could have turned up to work and played ping pong all day. Yet, here we are, pouring praise on him. We know how Alastair Darling and Gordon Brown would respond to a major financial crisis, because they were there, for good or ill. We don’t know how this guy would be in a crisis, because he’s never been in one. Yet he’s a genius, according to George Osborne.

Osborne has returned regulation to the Bank of England, in the bizarre belief that it can do a better job. This obviously ignores BCCI and Barings. Carney is supposedly qualified as a regulator as he has private banking experience at Goldman Sachs. However, it seems that he advised Russian on their 1998 financial crisis while Goldman was simultaneously betting against the country's ability to repay its debt. This bloke doesn’t know what’s happening right under his own nose, yet he’s in charge of London?

The US has much more experience of capitalism than us, and they always, rightly, have a lawyer in charge of regulation. In a recent TV interview Adair Turner, another economist, didn’t know whether Libor cheating would constitute fraud. He was in charge of City regulation at the time. Yet here we have another economist being put in charge of regulation, when the job should go to a lawyer.

For a central banker he does at least have a very smart suit. Maybe that’s why we’re paying him an extra £144,000 of our money each year. Let’s look on the bright side, George Clooney would have wanted even more.

Dan McCurry is a photographer in east London and a Labour activist. He is a former chair of the Bow Labour Party.

The new governor of the Bank of England, Mark Carney, who previously served as the head of the Bank of Canada. Photograph: Getty Images.

Dan McCurry  is a photographer in east London and a Labour activist. He is a former chair of the Bow Labour Party.

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What kind of Christian is Theresa May?

And why aren’t we questioning the vicar’s daughter on how her faith influences her politics?

“It is part of me. It is part of who I am and therefore how I approach things,” Theresa May told Kirsty Young when asked about her faith on BBC Radio 4’s Desert Island Discs in November 2014. “I think it’s right that we don’t sort of flaunt these things here in British politics but it is a part of me, it’s there, and it obviously helps to frame my thinking.”

The daughter of a Church of England vicar, Rev. Hubert Brasier, May grew up an active Christian in Oxfordshire. She was so involved in parish life that she even taught some Sunday school classes. She goes on in the Desert Island Discs interview to choose the hymn When I Survey the Wondrous Cross sung by a chapel congregation, and recalls being alone in church with her parents, kneeling and singing together.

Despite her intense attachment to local CofE life, Theresa May’s role as a Christian in politics is defined more by her unwillingness to “flaunt” (in her words) her faith.

Perhaps this is partly why, as a Christian, May avoided the scrutiny directed at Lib Dem leader and evangelical Christian Tim Farron over the past week of his stance on homosexuality and abortion.

As Farron wriggled – first saying he didn’t want to make “theological pronouncements” on whether or not being gay is a sin (and then, days later, announcing that it isn’t) – May’s critics scratched their heads about why her voting record on such matters isn’t in the media spotlight.

She has a socially conservative voting record when it comes to such subjects. As the journalist and activist Owen Jones points out, she has voted against equalising the age of consent, repealing Section 28, and gay adoption (twice).

Although her more recent record on gay rights is slightly better than Farron’s – she voted in favour of same-sex marriage throughout the process, and while Farron voted against the Equality Act Sexual Orientation Regulations in 2007 (the legislation obliging bed and breakfast owners and wedding cake makers, etc, not to discriminate against gay people), May simply didn’t attend.

May has also voted for the ban on sex-selective abortions, for reducing the abortion limit to 20 weeks, abstained on three-parent babies, and against legalising assisted suicide.

“Looking at how she’s voted, it’s a slightly socially conservative position,” says Nick Spencer, Research Director of the religion and society think tank Theos. “That matches with her generally slightly more economically conservative, or non-liberal, position. But she’s not taking those views off pages of scripture or a theology textbook. What her Christianity does is orient her just slightly away from economic and social liberalism.”

Spencer has analysed how May’s faith affects her politics in his book called The Mighty and the Almighty: How Political Leaders Do God, published over Easter this year. He found that her brand of Christianity underpinned “the sense of mutual rights and responsibilities, and exercising those responsibilities through practical service”.

May’s father was an Anglo-Catholic, and Spencer points out that this tradition has roots in the Christian socialist tradition in the early 20th century. A world away from the late Victorian Methodism that fellow Christian Margaret Thatcher was raised with. “That brought with it a package of independence, hard work, probity, and economic prudence. They’re the values you’d get from a good old Gladstonian Liberal. Very different from May.”

Spencer believes May’s faith focuses her on a spirit of citizenship and communitarian values – in contrast to Thatcher proselytising the virtues of individualism during her premiership.

Cradle Christian

A big difference between May and Farron’s Christianity is that May is neither a convert nor an evangelical.

“She’s a cradle Christian, it’s deep in her bloodstream,” notes Spencer. “That means you’re very unlikely to find a command-and-control type role there, it’s not as if her faith’s going to point her in a single direction. She’s not a particularly ideological politician – it’s given her a groundwork and foundation on which her politics is built.”

This approach appears to be far more acceptable in the eyes of the public than Farron’s self-described “theological pronouncements”.  May is known to be a very private politician who keeps her personal life, including her ideas about faith, out of the headlines.

“I don’t think she has to show off, or join in, she just does it; she goes to church,” as her former cabinet colleague Cheryl Gillan put it simply to May’s biographer Rosa Prince.

The voters’ view

It’s this kind of Christianity – quiet but present, part of the fabric without imposing itself – that chimes most with British voters.

“In this country, given our history and the nature of the established Church, it's something that people recognise and understand even if they don't do it themselves,” says Katie Harrison, Director of the Faith Research Centre at polling company ComRes. “Whether or not it’s as active as it used to be, lots of people see it as a nice thing to have, and they understand a politician who talks warmly about those things. That’s probably a widely-held view.”

Although church and Sunday school attendance is falling (about 13 per cent say they regularly attend Christian religious services, aside from weddings and funerals), most current surveys of the British population find that about half still identify as Christian. And ComRes polling in January 2017 found that 52 per cent of people think it’s important that UK politicians and policy-makers have a good understanding of religion in the UK.

Perhaps this is why May, when asked by The Sunday Times last year how she makes tough decisions, felt able to mention her Christianity:  “There is something in terms of faith, I am a practising member of the Church of England and so forth, that lies behind what I do.”

“I don’t think we’re likely to react hysterically or with paranoid fear if our politicians start talking about their faith,” reflects Spencer. “What we don’t like is if they start ‘preaching’ about it.”

“Don’t do God”

So if May can speak about her personal faith, why was the nation so squeamish when Tony Blair did the same thing? Notoriously, the former Labour leader spoke so frankly about his religion when Prime Minister that his spin doctor Alastair Campbell warned: “We don’t do God.” Some of Blair’s critics accuse him of being driven to the Iraq war by his faith.

Although Blair’s faith is treated as the “watershed” of British society no longer finding public displays of religion acceptable, Spencer believes Blair’s problem was an unusual one. Like Farron, he was a convert. He famously converted to Catholicism as an adult (and by doing so after his resignation, side-stepped the question of a Catholic Prime Minister). Farron was baptised at 21. The British public is more comfortable with a leader who is culturally Christian than one who came to religion in their adulthood, who are subjected to more scrutiny.

That’s why Gordon Brown, David Cameron and Theresa May can get away with talking about their faith, according to Spencer. “Brown, a much more cultural Presbyterian, used a lot of Biblical language. Cameron talked about it all the time – but he was able to do so because he had a vague, cultural, undogmatic Anglicanism,” he tells me. “And May holds it at arm’s length and talks about being a clergyman’s daughter, in the same way Brown talked about his father’s moral compass.”

This doesn’t stop May’s hard Brexit and non-liberal domestic policy jarring with her Christian values, however. According to Harrison’s polling, Christian voters’ priorities lie in social justice, and tackling poverty at home and overseas – in contrast with the general population’s preoccupations.

Polling from 2015 (pre-Brexit, granted) found that practising Christians stated more concern about social justice (27 per cent) than immigration (14 per cent). When entering No 10, May put herself “squarely at the service of ordinary working-class people”. Perhaps it’s time for her to practise what she preaches.

Anoosh Chakelian is senior writer at the New Statesman.

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