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Bank chief in call for more action on 'growing inequality'

By John-Paul Ford Rojas

Bank of England governor Mark Carney has turned his fire on City greed and the problem of growing inequality as he called for more to be done to clamp down on scandal-hit financial markets.

Mr Carney said globalisation had resulted in huge earnings which were "amplifying the rewards of the superstar" while "disturbing evidence" suggested opportunities for social mobility were narrowing.

Speaking at the Conference on Inclusive Capitalism in London yesterday, he said in the run-up to the crisis "banking became about banks not businesses".

Public trust in the financial system had been eroded after taxpayers picked up the tab for financiers' failures, he added.

"Bankers made enormous sums in the run-up to the crisis and were often well compensated after it hit," the former Goldman Sachs banker said.

"Within societies, virtually without exception, inequality of outcomes both within and across generations has demonstrably increased."

He added: "Returns in a globalised world are amplifying the rewards of the superstar, though few of them would be inclined to admit it.

"Now is the time to be famous or fortunate," said Mr Carney, whose own annual pay package is worth around £874,000.

Belfast Telegraph


From Belfast Telegraph