Michael Gove launches extraordinary attack on ‘arrogant’ Bank of England governor Mark Carney, comparing him to ‘dart throwing chimp’
Britain’s debt rocketed last month in a shock 14.5 per cent surge in government borrowing.
The shock figures came as Michael Gove has launched an extraordinary attack on “arrogant” Bank of England governor Mark Carney, comparing him to a “dart throwing chimp”.
Chancellor Philip Hammond has signalled the Treasury will take advantage of the cheap cost of borrowing to boost investment into the UK, in a departure from his predecessor George Osborne.
But experts warned today that budget deficit had "virtually halted" and targets are set to be missed.
Public sector net debt climbed by £39.5 billion to £1,627.2 billion last month, the equivalent to 83.3% of the country’s annual output.
The Government surprised economists by borrowing a higher-than-expected £10.6 billion in September.
In his latest attack on “experts", Brexit backing former Cabinet Minister Michael Gove hit out at Bank boss Mr Carney had failing to correctly predict economic downturns.
Mr Gove added “any criticism of his actions is regarded as a thought crime”.
He accused the Canadian banker of acting like an evil Ming emperor who “flayed alive” anyone who “dared to question his rule”.
Mr Gove added: “Mark Carney may be many things but — like the rest of us — he is neither always infallible nor truly independent.”
Writing in The Times, Mr Gove hit out at Mr Carney’s: “attitudes and prejudices reflect a career in Goldman Sachs and the biases current among central bankers.”
Expert economists had were pencilling in a figure of £8.5 billion for September’s borrowing figures.
But the ONS said September's borrowing rise was driven by an increase in net borrowing from central and local government, which stepped up by £1.3 billion and £300 million respectively.