Carney Speech: BOE would reassess economic outlook if there is clarity on Brexit

On Thursday, the Bank of England has decided to raise interest rates by 25 bps for the first time in more than a decade. Governor Mark Carney is now delivering his remarks on the policy outlook, with key quotes, via Reuters, found below. 

Households are generally well positioned for a rate rise.

Company balance sheets are generally in strong shape.

Gently rising rates are consistent with inflation falling back over the next year and approaching target by end of forecast period.

BOE would reassess economic outlook if there is clarity on Brexit.

Key notes

The Bank of England hikes Bank rate by 0.25% with 7 MPC members backing the move.

The Monetary Policy Committee of the Bank of England decided to increase the Bank rate by 25 basis points to 0.50% with the majority of 7 members of the MPC backing the decision.

EUR/GBP surges to 0.89 handle post-BoE announcement.

The EUR/GBP cross extended its recovery move and surged to fresh weekly tops, around the 0.8900 handle following the highly anticipated BoE decision. 

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.