Despite his familiarity with the limelight, Mark Carney, the former governor of the Bank of England, is known to be camera shy. Dressed in his trademark white cutaway collar shirt and grey tie, he refused to pose for photographs outside on a balcony. “I don’t like posed shots. It’s not my thing,” he explained to the photographer. Even the pleasant weather and clear views couldn’t convince Carney to change his mind initially. However, after seeing the photographer packing up his equipment, Carney finally relented. “I’ll give you a minute,” he said. In jest, Carney compared the photographer to a puppy dog. Nevertheless, Carney was still hesitant to stare directly at the camera and preferred a more contemplative pose.
Carney’s aversion to being photographed contrasts with his upbringing in Fort Smith, Canada’s Northwest Territories. He grew up in a household filled with books, thanks to his father’s career as a headmaster turned academic and his mother returning to university. However, Carney is not just an intellectual. He’s an avid runner and completed the London Marathon in just over three and a half hours in 2015. In his youth, he also played ice hockey.
Carney’s academic pursuits led him to Harvard for his undergraduate degree and then to Oxford University, where he earned a doctorate in economics in 1995. It was at Oxford where he met his British wife, economist Diana Fox Carney. In 2018, Carney became a British citizen, fulfilling a promise he made when he accepted the position of governor.
During his tenure at the Bank of England, Carney remained tight-lipped about his personal life. However, during a visit with schoolchildren, he disclosed his desire to spend the UK’s money on Dairy Milk chocolate, tickets to watch his beloved Everton, and countless old music records.
Carney’s appointment as governor in 2013 was an unprecedented move, as he became the first foreigner to hold the position in the institution’s nearly 330-year history. His selection was facilitated by former Chancellor George Osborne, who adjusted the terms of the role to secure Carney’s appointment. Initially, Carney agreed to a five-year term instead of the usual eight years. However, in light of Brexit, he extended his term twice before ultimately leaving the Bank in March 2020, just before the lockdown.
Carney led the Bank of England during the aftermath of the global financial crisis, during which the institution’s powers were expanded. Many credit Carney with leaving the Bank more inclusive and diverse than when he arrived. However, critics argue that he injected too much politics into what should be a technocratic role. Carney also faced criticism for hinting at interest rate increases without following through, earning himself the nickname of the “unreliable boyfriend” due to his mixed messages.
Prior to the Brexit referendum, Carney faced scrutiny for his perceived political interventions. He warned that Brexit could push the economy into a recession and the Bank’s analysis suggested that leaving the EU would have negative effects on economic growth, inflation, and unemployment. Carney still believes his warnings have been vindicated.
Currently, Carney is eager to discuss interest rates and inflation. However, he remains cautious about offering any insights regarding the actions his successor, Andrew Bailey, should take at the Bank. “There are already nine members on the Monetary Policy Committee, they don’t need a tenth, especially not someone who used to serve on it,” he remarked.
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