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Carney defended BoE's stimulus package

Wednesday, Sep 07 2016

Governor Mark Carney defended the Bank of England's major stimulus package of last month as signs grow that the economy has held up better than expected to the initial shock of Britain's vote in June to leave the European Union. Carney also told lawmakers on Tuesday he was "absolutely serene" about the way he warned of a possible Brexit hit to the economy before the referendum, locking horns again with supporters of the victorious "Leave" campaign.

Data has suggested Britain's economy did not suffer the kind of devastating impact forecast by some "Remain" supporters in advance of the vote, although economists say it is heading for a sharp slowdown. Carney fended off criticism from some lawmakers that the Bank moved too aggressively to help Britain's economy through the Brexit shock in early August when it cut interest rates, expanded its bond-buying programme and took other measures to ease lending. "(I) absolutely feel comfortable with the decision I supported and that the committee took in August to supply monetary policy stimulus," he said.

 

Sterling sharply fell and is currently being traded around 1.3220 area. Pair is likely to find support around 1.3180 level and resistance above 1.3250 handle.

More in this category: « UK Industrial Production rose by 0.1% Australian Trade Balance deficit narrowed to $2.41 billion »

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