Following the Bank of England's decision to keep its policy rate unchanged at 0.75%, Governor Mark Carney is delivering his remarks on the monetary policy outlook in a press conference with key quotes, via Reuters, found below.
"UK financial conditions likely to remain volatile as Brexit develops."
"Monetary policy response to Brexit will not be automatic, could go either way."
"Protectionism could prove more pervasive, persistent and damaging than previously expected."
"Global growth now expected to return to potential more slowly than in May."
"Brexit developments making UK GDP growth more volatile than usual."
Bank of England lowers 2019 GDP growth forecast to 1.3% from 1.5% in May.
According to the updated economic projections in the Quarterly Inflation Report, the Bank of England forecasts the economy to expand by 1.3% in 2019, compared to 1.5% reported in May's publication.
GBP/USD off 2-1/2 year lows, still in the red post-BoE.
The GBP/USD pair held on to its weaker tone post-BoE, albeit has managed to recover around 15-20 pips from an early dip to sub-1.2100 level.
About Mark Carney
Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.
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