For years, Bank of England boss Mark Carney warned of the economic risks of Brexit. Now that it has happened, he says there could be a silver lining in UK Prime Minister Boris Johnson’s plans to boost growth by BillReuters aagalloni swahapattanaik
LONDON - For years, Bank of England boss Mark Carney warned of the economic risks of Britain leaving the European Union. Now that it has happened, he says there could be a silver lining in Prime Minister Boris Johnson’s plans to boost growth.
The prime minister has promised further help for regions where growth has fallen far behind London and other big cities. Carney was speaking on Thursday, shortly before the surprise resignation of finance minister Sajid Javid. Now, the budget statement scheduled for March 11 will given by the new chancellor of the exchequer, Rishi Sunak.Related CoverageCarney burst onto Britain’s financial scene from his native Canada in 2013, taking over the reins of monetary policy when the country was still struggling to throw off the hangover of the global financial crisis.
“It’s absolutely clear in the data, whether both the survey data and the hard data, that it’s had an impact, a notable impact on investment and of course that flows through to productivity,” he said. Mark Carney, Governor of the Bank of England, poses for a portrait during an interview with Reuters, in London, Britain February 13, 2020. REUTERS/Dylan Martinez
The BoE last month cut its forecasts for how quickly the economy can grow without generating too much inflation to just over 1%.
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