Britain's Bank of England Governor, Mark Carney, addresses journalists during a press conference to deliver the quarterly inflation report in London, August 3, 2017. REUTERS/Frank Augstein/Pool
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Mark Carney said Brexit is the biggest shadow over the U.K.'s economic outlook, as his confidence in an orderly departure from the European Union starts to fade.Carney said that there's only so much monetary policy can do as the central bank cut its forecasts for economic growth and wages.The bank's latest forecasts factor in "uncertainty about the eventual shape of the U.K.'s economic relationship with the EU," which "weighs on the decisions of businesses and households and pulls down both demand and supply," Carney said.Companies are keeping a lid on pay increases until they know what kind of access they'll have to Europe's market in a few years, Carney said. Carney's remarks Thursday set the stage for more fiery confrontations with Parliament's Treasury Committee, some of whose pro-Brexit members called for his resignation last year after he said that leaving the EU would damage the economy. The central bank now projects economic growth of 1.7 percent this year and 1.6 percent in 2018, down from 1.9 percent and 1.7 percent.
FOLLOW THIS ARTICLE