BoE's Carney: Brexit effect on GBP and economy will be "somewhat uncertain" over next few years
|BoE's Governor Mark Carney is speaking at the London School of Economics, noting that monetary policy can respond in either direction to ensure sustainable return of inflation to target.
Key headlines (via Reuters):
- UK expansion increasingly consumption-led, could point to slower growth
- UK households appear to be entirely looking through Brexit-related uncertainties
- Tension between households' view and more pessimistic markets will need to be resolved
- Consumption-led growth tends to be slower and less durable, can be reliant on debt
- Changes in household spending and borrowing will be important for BOE over coming year
- Brexit effect on sterling and economy will be "somewhat uncertain" over next few years, affect inflation
- MPC willing to tolerate above-target inflation, but there are limits
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