Rolling coverage of the latest economic and financial news, as the Conservative party extends its lead over Labour to 14 points
- Latest: Fed chair Paul Volcker has died
- Introduction: Sterling hits €1.19
- Survation poll give solid Tory lead
- Pound hits $1.318 against US dollar – a seven-month high
- Politics Live: Labour sets out plan for first 100 days in office
Back in the UK, another opinion poll has shown that the Conservative’s lead over Labour has narrowed.
It shows that Boris Johnson’s lead over Jeremy Corbyn has dipped to 6 percentage points, from 7.
UK Election Poll (ICM/Reuters)
– Conservatives 42% (unch)
– Labour party 36% (+1)
Reuters points out that Paul Volcker was no fan of the rise of the super-rich:
In 2018 he published a memoir, “Keeping at It: The Quest for Sound Money and Good Government,” and expressed concern about the direction of the federal government and the loss of respect for it.
“The central issue is we’re developing into a plutocracy,” he told the New York Times in October 2018. “We’ve got an enormous number of enormously rich people that have convinced themselves that they’re rich because they’re smart and constructive. And they don’t like government and they don’t like to pay taxes.”
Volcker stood 6-foot-8 (2.03 meters), smoked cheap cigars, wore old suits and spoke with a rumbling baritone, creating a mystique that intimidated congressmen and even presidents. Part of his aura of power was due to the Fed’s unusual nature – the central bank’s governors, although appointed by the president and overseen by Congress, are effectively answerable to no one.
In 2018 when President Donald Trump regularly attacked the Fed as “crazy” for raising interest rates, Volcker advised Chairman Jerome Powell to simply ignore the criticism.