"Bank of England Governer said it was 'incredible' that real incomes had not risen in past 10 years [and] there was growing sense of 'isolation and detachment' among people left behind by globalisation"
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"Britain is experiencing its first 'lost decade' of economic growth for 150 years, the Governor of the Bank of England has warned.
"At a speech in Liverpool on Monday, Mr Carney said:
"We meet today during the first lost decade since the 1860s. Over the past decade real earnings have grown at the slowest rate since the mid-19th century.""This lack of growth had caused inequalities, he said, and led people to question their futures and the benefits of globalisation. Many people across the advanced world were 'losing trust' in a system that did not 'raise all boats', he said.
"Far from enjoying a 'golden era', globalisation for these people had become 'associated with low wages, insecure employment, stateless corporations and striking inequalities'."
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BBC:
"Carney: Get real, there are losers from free trade"
"Shouldn't Mr Carney limit his comments to interest rate policy and inflation targeting - the central parts of the Bank's remit?
"And, if he doesn't, isn't he in danger of straying into the political arena, always difficult for an unelected official?
"I don't believe Mr Carney sees it that way.
"Issues such as the good functioning of economies fall squarely within the Bank's remit, the governor believes.
"The first line of the Bank's charter was drafted in 1694 and demands that the Bank 'promote the public Good and Benefit of our People' (which at that time meant paying for a war against France, a manoeuvre Mr Carney is not, one assumes, presently contemplating)."
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