Carney speech: Protectionism becoming more damaging than expected a few years ago

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.

"Global growth is well below trend, we are close to where we move to something that starts to feel like a recession."

"Questions growing whether some global supply chains are sustainable given trade tensions."

"All forms of protectionism are becoming more pervasive, persistent and damaging than expected a few years ago."

"We do not see the types of imbalances that are normally associated with global economy tipping into recession."

Bank of England leaves policy rate unchanged at 0.75% in November as expected

In a widely expected decision, the Bank of England's Monetary Policy Committee held the policy rate unchanged at 0.75%. The asset purchase facility remained steady at €435 billion as well. On a dovish note, 2 members of the Monetary Policy Committee voted to cut the policy rate.

Bank of England QIR: GDP growth in 2019 +1.4% (Aug. forecast +1.3%), 2020 +1.2% (Aug. +1.3%)

In its latest Quarterly Inflation Report (QIR), the Bank of England (BoE) announced that the Gross Domestic Product (GDP) in 2019 is now expected to grow 1.4%, slightly higher than the 1.3% announced in August's QIR. On the other hand, the BoE lowered 2020 GDP growth forecast to 1.2% from 1.3%.

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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