Following the Bank of England’s decision to keep its policy rate unchanged at 0.75%, Governor Mark Carney is delivering his remarks on the monetary policy outlook in a press conference.
Key quotes
“Future policy decisions will depend on how economy evolves.”
“Market pricing showing a BoE rate cut leads to inflation outcome above target, inconsistent with BoE remit.”
“BoE’s previous “limited and gradual” phrasing implied multiple rate rises, that is not the case now.”
“UK needs to make some potentially large structural changes to raise growth potential.”
“UK’s relatively modest growth potential means that growth recovery could lead to overheating, require tighter policy.”
“UK fiscal stimulus will push up equilibrium interest rate, other things being equal.”
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.
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