Investment Conundrums with Charles Stanley's CIO Cunliffe: Draghi is a much better central banker than Carney

Joined firm last year

Laura Dew
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Charles Stanley CIO Jon Cunliffe
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Charles Stanley CIO Jon Cunliffe

The Bank of England (BoE) might have raised interest rates for the first time in a decade this month to 0.5% - as expected by markets - but Charles Stanley chief investment officer Jon Cunliffe said Governor Mark Carney still faces credibility issues.

Cunliffe, who joined Charles Stanley in 2016 from the Tesco Pension scheme and works alongside chief global strategist John Redwood, said the rise was not needed and Carney had been "hedged into a corner". "We view the 25bps hike as unnecessary," he said. "The UK economy is growing below trend, inflation is likely to fall back next year, the Bank of England's macroprudential credit tightening is beginning to bite, and the Chancellor's fiscal stance is likely to remain tight.  "We do, however, welcome the dovish rate guidance, which should calm the market's fears about a more extended ...

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