Bank of England chief ‘delusional’ to claim UK escaped debt trap – economist

‘Mark Carney’s claim that Britain has escaped a “debt trap” common to Eurozone states has been dismissed by UK economist Michael Burke as “delusional.” Burke says Britain’s debt has merely been transferred from private firms to UK homeowners.

Speaking at a conference in Dublin on Wednesday, Mark Carney, Governor of the Bank of England (BoE), said all major advanced economies have experienced a debt trap since the 2008 financial crisis.

He suggested states’ debt burdens had been exacerbated by low levels of growth and the private sector’s tendency to cut spending in difficult economic times.’

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