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U.K.'s Lingering `Lost Decade' Pushes Carney Into Marx's Arms

  • British wages since crisis in longest slump since the 1860s
  • BOE governor says benefits need to be spread to avoid tragedy
Mark Carney

Mark Carney

Photographer: Chris Ratcliffe/Bloomberg
Updated on

The mid-19th century was a period of social and political upheaval in the U.K. economy that saw an international financial crisis and technological revolution. Sound familiar? Mark Carney thinks so.

The Bank of England governor described the economy as experiencing its “first lost decade since the 1860s” in a speech this week. Citing wage growth that’s at its slowest since that period, he said globalization for some has come to be associated with low pay, job insecurity and inequality.