Mark Carney compromises Bank of England’s impartiality, says Rees-Mogg

Mark Carney acted too quickly in cutting interest rates, one of his fiercest political critics said on Tuesday.

“He acted too early in my view,” said Jacob Rees-Mogg, Conservative member of the Treasury Select Committee.

He added: “There was not sufficient evidence at that point that further monetary stimulus was needed and there are adverse consequences of abnormally low interest rates as well as beneficial consequences.”

Carney faces a grilling by the Select Committee tomorrow.

“Once you don’t trust him to be impartial, you begin to think that all his actions have a political spin to them,” Rees-Mogg told Bloomberg.

“He has undermined the perception of impartiality of the Bank of England and that makes it harder for the Bank of England to do its job. If I can find something nice to say to him [tomorrow] I will say it, though that may at the moment be quite a big ‘if’.”