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Carney warns coronavirus economic shock ‘could prove large’

Carney warns coronavirus economic shock ‘could prove large’

Business
Mark Carney has said the Bank of England will take steps to help the UK through a coronavirus economic shock "that could prove large".Mr Carney told MPs that the Bank's interest rate setting committee was "considering the policy implications of various possible scenarios" that could arise from the outbreak.The comments come after the Bank governor last week told Sky News that Britain should prepare itself for an economic growth downgrade as a result of the impact of the outbreak.More follows... Advertisement ...
Bank of England chief Mark Carney issues climate change warning

Bank of England chief Mark Carney issues climate change warning

Business
The world will face irreversible heating unless firms shift their priorities soon, the outgoing head of the Bank of England has told the BBC.Mark Carney said the financial sector had begun to curb investment in fossil fuels – but far too slowly. He said leading pension fund analysis "is that if you add up the policies of all of companies out there, they are consistent with warming of 3.7-3.8C".Mr Carney made the comments in a pre-recorded BBC Radio 4 Today interview.The interview, by presenter Mishal Husain, is one of several items on the programme which are focusing on climate change, on the day the show is guest edited by environmental campaigner Greta Thunberg.Mr Carney added that the rise of almost 4C was "far above the 1.5 d
Andrew Bailey to succeed Mark Carney as Bank of England governor

Andrew Bailey to succeed Mark Carney as Bank of England governor

Business
By John-Paul Ford Rojas & James Sillars, business reporters Andrew Bailey, the chief executive of the Financial Conduct Authority (FCA), is to succeed Mark Carney as governor of the Bank of England following a further extension to his tenure.The Treasury confirmed that Mr Bailey, who is 60 and previously worked at the Bank for three decades, will take over when the Canadian leaves on 15 March. Mr Carney had been due to step aside on 31 January after twice agreeing to remain in post for longer than planned because of the potential for Brexit disruption last year. Image: Mark Carney has held the role of governor since 2013 The latest postponement was to ensure a smooth transition...
Carney sees ‘widespread slowdown’ as trade tensions deepen

Carney sees ‘widespread slowdown’ as trade tensions deepen

Business
By John-Paul Ford Rojas, business reporter Bank of England governor Mark Carney has warned that the global economy is in a "widespread slowdown", with "worrying" signs ahead amid sustained trade tensions.Mr Carney said Donald Trump's latest skirmishes with China, Mexico and Europe raised the prospect of these tensions being "far more pervasive, persistent and damaging" than previously expected. They risked dragging on growth globally and in the UK - where Brexit uncertainty was also increasingly weighing on the economy, he told an audience in Bournemouth.Mr Carney's comments helped pull the pound lower against the dollar and the euro as traders bet on a gloomy outlook from the Bank potentially making lower interest rates more likely. ...