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Financial News: Carney Says BoE To Do Whatever It Can

Carney Says BoE To Do Whatever It Can To Support UK In Brexit Transition

11/16/2017 - 06:46:00 (RTTNews)

(RTTNews) - The Bank of England stands ready to support the UK economy during the Brexit transition period irrespective of whether the government strikes a deal with the European Union, the bank's chief Mark Carney said Thursday.

"We will do whatever we can to support the economy during the transition... - whether there is no deal or a comprehensive deal," Carney said in an interview to the broadcaster ITV in Liverpool.

"We can provide support by keeping prices low and stable and by making sure banks can withstand whatever shock that might come whatever deal we have."

The central bank raised the key rate to 0.50 percent from a record low 0.25 percent on November 2, which was the first hike in a decade, in a 7-2 vote.

The bank also signaled that rates may have to rise twice in the three-year horizon period ending 2020.

Carney also noted that the UK economic performance has been hurt by Brexit and the economy has turned to be the slowest growing one in the G7 from the fastest growing.

"The government recognizes, parliamentarians, businesses, people across the country, people in Europe recognize as well that it is in everyone's interest to have at a minimum a transition period to the new relationship," Carney said, stressing on the importance of reaching a Brexit transition deal.

Further, Carney said there was a need for "as comprehensive and open a trading and investment partnership between the UK and the EU 27 at the end of that transition."

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