Following the Bank of England’s decision to keep its policy rate unchanged at 0.75%, Governor Mark Carney is responding to questions from the press with key quotes, via Reuters, found below.
“Monetary policy can be more nimble than fiscal policy.”
“Fiscal policy is an upside risk to UK growth outlook.”
“Temporary factors are the biggest driver of expected short-term fall in UK inflation.”
“We would look through temporary factors lowering inflation.”
“If downside risks emerge to UK economy, there may be a need to provide reinforcement but this is not pre-committing.”
Related articles
Bank of England leaves policy rate unchanged at 0.75% in November as expected
In a widely expected decision, the Bank of England’s Monetary Policy Committee held the policy rate unchanged at 0.75% with a unanimous vote. The asset purchase facility remained steady at €435 billion as well. On a dovish note, 2 members of the Monetary Policy Committee voted to cut the policy rate.
Bank of England QIR: GDP growth in 2019 +1.4% (Aug. forecast +1.3%), 2020 +1.2% (Aug. +1.3%)
In its latest Quarterly Inflation Report (QIR), the Bank of England (BoE) announced that the Gross Domestic Product (GDP) in 2019 is now expected to grow 1.4%, slightly higher than the 1.3% announced in August’s QIR. On the other hand, the BoE lowered 2020 GDP growth forecast to 1.2% from 1.3%.
About Mark Carney
Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.
Share
