Money - in your pocket and in the bank
John Guy, Miatta Fahnbulleh, Paul Tucker and Alice Tapper join Andrew Marr to discuss the power of central banks and the trouble with private debt.
Andrew Marr discusses money, from central banks to personal finances. The historian John Guy looks back to the emergence of London as the financial centre of the world. His latest biography focuses on the life and world of Sir Thomas Gresham, Elizabeth I’s banker – a flawed and ambitious man who dabbled in blackmail, fraud and adultery and left his widow saddled with debt.
Few of today’s central bankers could match Gresham’s tumultuous private life, but they do wield enormous power in the markets. Paul Tucker spent more than 30 years as a central banker and regulator at the Bank of England and sounds a warning against increasing the authority of technocrats.
Miatta Fahnbulleh is the Chief Executive of the radical economics think-tank, NEF, which aims to build a new economy from the bottom up and put more power in the hands of the people. She looks at the role central banks have to play in a Green New Deal and the impact of debt on the country and its citizens.
While government debt makes the headlines, personal debt is now at a record high, and could derail future confidence in the market. The behavioural economist Alice Tapper offers a guide to personal finances and argues for more openness when it comes to talking about what we earn and what we spend.
Producer: Katy Hickman
Gresham’s Law: The Life and World of Queen Elizabeth I’s Banker is published by Profile Books
Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State is published by Princeton University Press
Go fund Yourself: What money means in the 21st Century, how to be good at it and live your best life is published by Anima