Mark Carney in no rush to raise interest rates until ‘reality of Brexit’ is clear
London — Mark Carney ended more than a month of silence with a major speech that pushed back against rate hawks in the Bank of England (BoE), and re-emphasised his concerns about the effect of Brexit on the economy. The UK’s exit from the EU was a central theme of his address on Tuesday, with the BoE governor highlighting the risks it poses to consumer spending, business investment, the current account deficit and the financial-services industry. He indicated he’s in no rush to raise interest rates, saying he wants to see how the economy responds to the "reality of Brexit negotiations". Carney’s speech in London’s financial district opened with a homily on the "hope and despair" that has faced a Britain hit by terrorist attacks and a devastating tower-block fire in recent weeks. He said the best response London and the country can give is to "renew our shared commitment — whatever our differences — to promote the common good." This includes a Brexit that "works for all". The dovish ...
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