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    Governor of Bank of England provides financial update

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    Mark Carney took credit for August’s positive business surveys, stating that the Bank of England “took timely, comprehensive and concrete action” in response to increased market volatility. However, he warned that the UK economy still faced a significant slowdown following the EU referendum result and interest rates would be cut further to 0.25 if necessary. Rejecting extensive criticism that he had exaggerated the future consequences of a Brexit vote, Mr Carney defended the Bank of England’s pre-referendum stance by stating it had been more positive than many independent economists at the time and had not predicted a recession. The Governor of the Bank of England also said that while the economic forecast had improved over recent weeks, growth is still predicted to be “about half as much as it was prior to the referendum,” and that at this stage, “we’re keeping things in perspective”.

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