Carney Speech: The speed limit for the uk economy has slowed

Mark Carney, Governor of the Bank of England (BoE), is responding to questions from the press, with key headlines, via Reuters, found below:

• Evident that uncertainties about Brexit are weighing on some businesses' decisions
• The speed limit for the UK economy has slowed
• Slowing of UK economic potential could have consequences for monetary policy
• Some tightening needed within next three years
• At present we see no evidence that UK public do not expect a smooth Brexit
• Smooth Brexit is the most realistic assumption

Key notes:

UK gilt yields drop on downward revision of inflation forecasts

The short duration and long duration UK gilt yields dropped after the Bank of England revised growth and inflation forecasts lower. 

GBP/USD plummets to 1.3160 post-BoE

The British pound met a wave of selling orders following the BoE interest rate decision today, dragging GBP/USD to fresh lows in the 1.3160 area.

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.