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“The Bank of England will take all the necessary steps to support the UK economy and the financial system through the coronavirus outbreak,” BoE Governor Mark Carney said while speaking at University College London on Thursday.

“Our policy arsenal includes monetary policy instruments, special liquidity facilities, and macroprudential tools,” Carney further explained. “The MPC is assessing the economic impacts and considering the policy implications of various possible scenarios.”

Carney added that they are also coordinating with the Treasury to ensure that any initiatives are complementary and that they will have the maximum impact.

GBP reaction

The GBP/USD pair inched higher in the last minutes but this movement seems to be a product of broad-based USD weakness rather than a reaction to Carney’s comments. As of writing, the pair was up 0.57% on the day at 1.2943.