Bank of England Governor Mark Carney relaxes on the tube ahead of the Autumn Statement
BANK OF ENGLAND Governor Mark Carney was today pictured relaxing on the tube ahead of the Autumn Statement.
A commuter snapped a pic of him on the Northern line this morning, reading a book and carrying what appears to be a copy of the Financial Times.
Alex Clifford, head of digital at Open Britain, tweeted the snap this morning, saying he was "more focused on monetary policy" than thinking about today's fiscal event.
The Governor appeared to be engrossed in his book as he travelled to work, but also looked to be biting his nails.
It is thought he was reading the Archbishop of Canterbury, Justin Welby's new book, 'Dethroning Mammon: Making Money Serve Grace'.
Just a few weeks ago the Bank of England Governor said he would be staying on an extra year to help smooth Britain's departure from the European Union.
The Canadian had said he would not serve the full eight years available to him, but would remain in post until June 2019, after Britain's expected withdrawal from the EU.
Mr Carney has come under intense criticism in recent months for his warnings about the economic impacts of Brexit.
"I would be honoured to extend my time of service as Governor for an additional year to the end of June 2019," he said in a letter to the Chancellor, Philip Hammond.
"By taking my term in office beyond the expected period of the Article 50 process (for Britain to leave the EU), this should help contribute to securing an orderly transition to the UK's new relationship with Europe," he said.
Today Mr Hammond delivered his first Autumn Statement in the House of Commons, revealing new measures to scrap rental fees for tenants, a hike in the minimum wage for low-paid earners, and pledged to spend more on infrastructure.
He also said he would in future deliver a full Budget in the Autumn and just a statement on the country's finances in the spring, if necessary.
Other policies the Chancellor announced today include:
- A £1bn U-turn on cuts in benefits to poorer workers with a reverse of some of George Osborne’s £3.4bn axe to Universal Credit
- The National Living Wage will go up 30p an hour to £7.50, meaning a £600 a year pay rise for full-time workers
- £1.4bn spent on making it cheaper to buy or rent a house, shared between three current schemes; Affordable Rent, Shared Ownership and Rent to Buy.
- Fuel duty will be frozen again for another year when he scraps a 2 rise in the hated tax on pumps saving drivers £130 a year
- A £5bn infrastructure package to boost the economy after Brexit, including new road building and broadband
- A ban on letting agent’s fees to ease the squeeze on 4.3million households in private housing
- The tax-free personal tax allowance is being raised to £11,500 in 2017-18 while the point at which you pay the higher rate of income tax will increase to £45,000
- A pledge to use £102m of LIBOR banking fines to support armed forces and emergency services charities, as well as money from the so-called ‘Tampon Tax’ given to women’s charities
- The insurance premium tax hiked from 10% to 12% to pay for other spending commitments
- £390m on future transport technology, including driverless cars, renewable fuels and energy efficient transport
- £1.1bn to reduce congestion and upgrade local roads and public transport, £1bn to invest in full-fibre broadband and trialling 5G networks, and £2bn more per year in research and development funding by 2020-21