Two thirds of savers believe Mark Carney will be bad news

2 August 2013

Mark Carney has been in the governor hot seat at the Bank of England for just a month but 69% of Moneywise readers have already said he will be bad news for their savings.

Keen to be seen as a man of the people, he rode the Tube to work on his first day and scored yet another PR hit when he announced that Jane Austen is to replace Charles Darwin on the £10 note.

While he also seems to be commanding the respect of his immediate colleagues (in his first Monetary Policy Committee (MPC) meeting in July, the rest of the members voted exactly the same way as him when he wanted to leave the current stance on quantitative easing unchanged), his arrival seems to have left savers unmoved.

In a recent poll, 48% of you said you think he'll keep looking after those in debt rather than those who save, while another 21% said you think he is more interested in getting us to spend than to save.

However, a third of you (31%) were more optimistic and told us you think Carney will be good for your savings. Of these hopeful souls, 20% said they will benefit if he can get the economy growing as soon as interest rates rise; and 11% agreed that if he helps to keep inflation in check, it will be good news for everyone.

Another positive is that Carney is certainly trying to make the Bank more open to the public – he is allowing journalists into the MPC meetings and issuing statements to explain the decisions the committee makes about the Base rate.

In its August meeting, the Bank once again voted to keep the Base rate at 0.5%, the historic low it's now been at for more than four years. So it seems we're still to see any radical changes and get a real feel for his impact on the UK economy.

What do you think? Let us know below.

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