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Carney says he had not overstepped the mark with Brexit warnings

Monday, May 16 2016
Bank of England Governor Mark Carney denied on Sunday that he had compromised the central bank's independence by warning of the short-run costs of leaving the European Union, after criticism from "Out" campaigners. Last week the BoE said Britain risked slower growth, higher inflation and even recession if voters backed leaving the EU in a referendum on June 23, prompting criticism that the BoE was biased and itself destabilising markets.
Carney, in a BBC television interview on Sunday, said he had "absolutely not" overstepped the mark and that he would be failing the public if he did not flag dangers in advance. "We ... have a responsibility to explain risks and then take steps, because by explaining them - by explaining what we would do to mitigate (them) - we reduce them. And that is the key point, ignoring a risk is not to reduce it."
 
Earlier on Sunday, Conservative environment minister and "Out" campaigner Andrea Leadsom told the BBC that the BoE's analysis was one-sided and reflected the view of elites who were not hurt by mass immigration from the EU.
 
Sterling is currently being traded few points above 1.4360 level. Pair is likely to find support around 1.43 handle and resistance above 1.44 level. Later today, in the US session, Empire State Manufacturing Index figures will be released.
More in this category: « Aussie under pressure in an overnight trade Empire State Manufacturing Index fell nineteen points to -9.0 »

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