Mark Carney drops local knowledge with Jake Bugg reference
Bank of England governor Mark Carney tried to impress with some regional knowledge in his Nottingham speech, dropping the name of local-born singer-songwriter Jake Bugg:
Productivity growth has been anaemic and – remarkably – the UK is no more productive than it was back in 2005 – before Jake Bugg got his first guitar.
We don't think that Carney was trying to suggest Bugg was responsible for the productivity stagnation – although Morning Wire offices are mixed on the quality of Bugg's output.
In fact, Carney's delivery was slightly different to the speech released by the bank's press office. He went on a little more in person:
Carney: He's had a number one record and a string of successful gigs. He's [Jake Bugg] been a lot more productive [than the UK economy].
— Peter Spence (@Pete_Spence) August 28, 2013
Regardless, the market seems to be a fan of the artist. His self-titled debut album reached number one in the UK charts after its October 2012 release.
It's another tone change from Carney's predecessor at the Bank of England. Former governor Sir Mervyn King preferred to drop in references to football, cricket and tennis rather than popstars.