Ethics and Mark Carney

Britain has a housing boom, partly because of the Government’s Help to Buy scheme, retail sales figures are surging, the stock market is booming, and the current account deficit is at a record 5% of Gross Domestic Product (GDP), which is 50% higher than forecast. Normally, these indicators mean that interest rates would have to go up to take the heat out of the economy. However, to make the necessary increase in interest rates now, or anytime soon, would jeopardise the feel-good factor needed for a Tory election victory in 2015. The deputy governor of the Bank of England for…