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Financial News: BoE Chief Sees Rate Hike Possibility In Case

BoE Chief Sees Rate Hike Possibility In Case Of Smooth Brexit

06/06/2019 - 09:02:00 (RTTNews)

(RTTNews) - Bank of England Governor Mark Carney said a gradual and limited rise in interest rates may be needed in case of a smooth Brexit, in which the UK and EU agree a deal and there is a period of time during which businesses can adjust to the new relationship.

If the economy continues to perform as the monetary policy committee expects, upward pressure on prices is likely to build, he said in the forward to the Bank of England annual report, dated May 21.

"The Committee is likely to have to raise interest rates further in order to keep inflation at target," he wrote.

The exact nature of Brexit will affect the path of the economy. "Whatever happens, the MPC will set interest rates to keep inflation low and support jobs and growth," Carney added.

Further, he assured that the core banking system is strong enough to withstand the economic and financial shocks that would accompany a worst case disorderly Brexit.

Policymakers of advanced economies should take into account the impact of their monetary policy actions on emerging economies, Carney said in a speech delivered to the Institute of International Finance Spring Membership Meeting, Tokyo.

"While it is unrealistic to expect advanced economy policymakers to internalize fully spillovers from their actions on emerging markets, given their domestic mandates, AE monetary policies will increasingly need to take account of spillbacks," Carney said.

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