The Governor of the Bank of England Mark Carney spoke in Wales to discuss how he will attempt to address the regional economic imbalance. The issue has been a long standing problem, and following the collapse of the UK mining and manufacturing industries has only been exacerbated. Regional cities, which had grown on the basis of industry such as ship building, saw a rapid decline of living standards as the industries collapsed and unemployment took hold. In contrast the capital has a thriving city and a global hub for financial services. The disparity between the costs of living has steadily widened with the South East of England being significantly more expensive to live in, compared to other parts. Income is significantly higher, with the clearest sign in the property market.
The UK recovery is beginning to gain momentum, with market analysts estimating the exit of the current ultra-loose monetary policy . However this growth isn’t even across regions, which increases the difficulty for the Governor to time the exit of the current economic stimulus.
For full coverage of Mark Carneys comments, visit Wales Online.