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George Osborne, the Chancellor won approval when in November 2012 he announced the appointment of Mark Carney as Governor of the Bank of England. Carney, the former Governor of the Bank of Canada, steered that country through the financial crisis, avoiding the extreme ructions experienced in the United States and Britain. When he took office at the Bank of England in July this year, his presence generated optimism and confidence. But now he faces a problem, and it is one partly of his own making.

In the months before his arrival at Threadneedle Street, a policy discussion began—what might the…

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