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Carney Ends Silence With Brexit Warning, Rate-Hike Pushback

Tuesday, Jun 20 2017
Carney Ends Silence With Brexit Warning, Rate-Hike Pushback

Mark Carney ended more than a month of silence with a major speech that pushed back against rate hawks in the Bank of England and re-emphasized his concerns about the impact of Brexit on the economy. The U.K.’s exit from the European Union was a central theme of his address on Tuesday, with the BOE governor highlighting the risks to consumer spending, business investment, the current-account deficit and financial services. 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.” “Before long, we will all begin to find out the extent to which Brexit is a gentle stroll along a smooth path to a land of cake and consumption,” Carney said.

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