Bank of England Governor Mark Carney said the BoE would only cut its economic fo...
LONDON - Bank of England Governor Mark Carney said the BoE would only cut its economic forecasts to reflect the risk of a no-deal Brexit if Britain’s next prime minister makes leaving the European Union without a transition agreement his preferred policy.
Last week, the BoE acknowledged the disconnect between the “smooth” Brexit scenario that underpins its forecasts and a more chaotic exit from the EU that many investors are increasingly thinking might happen and that could lead to interest rate cuts. These forecasts underpin the BoE’s main message to financial markets that interest rates are likely to go up in a “limited and gradual” way if a Brexit deal can be done.
“I don’t think it’s a communications failure on our side. I don’t think it’s a sign of loss of credibility over the Committee’s commitment to the inflation target,” he said.
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