Bank of England boss compares UK economy to Jake Bugg

The recently-instated Governor of the Bank of England, Mark Carney recently compared UK productivity over the last eight years to acoustic guitar-wielder Jake Bugg.

Maybe excusable being new to his position, Carney claimed at his first speech in Nottingham that the young singer-songwriter has been far more successful that the country as a whole right now.

He is quoted as saying:

“The UK is no more productive than it was back in 2005. And to put it in context, that was before Nottingham’s own Jake Bugg got his first guitar and since then, as you know (I know), he’s had a number one record and a string of very successful gigs. He’s become a lot more productive, and the critical question is how much more, and how quickly can productivity improve across the broader economy”.

You can only assume that Carney made the comparison because Bugg himself is from Nottingham. Either way, bit of a strange input from Carney’s speech writer.

Check out the speech below.