17th November 2017.
UK is Taking Brexit in “Its Stride”
UK households and firms are not being put off course by the prospect of the UK leaving the European Union, according to the governor of the Bank of England.
Businesses are still exercising caution in their investment dealings, but Bank of England Mark Carney insisted their expectations were not negative.
When speaking at a recent “Future Forum” conference in Liverpool, Carney insisted households are far too concerned with the current pay squeeze and climbing food inflation, than they are about any Brexit fallout.
The Bank governor insisted the Bank of England was “well prepared” for any eventual deal between the UK and the EU.
Carney admitted there were always risks involved with the Brexit vote, and acknowledges there has been some impact on the economy
“We have not done as well in the short term as we would have done if the vote had gone the other way,” he said.
Deputy Governor from the Bank, Sir John Cunlifee and Sam Woods, also spoke at the conference and found themselves having to defend the Bank’s decision to bail out two high street banks following the economic crisis.
Back in 2007, the Bank of England decided to spend £66 billion to bail two high street banks, inspiring fierce criticism from the public.
Both men admitted it was a “terrible thing” to have to do”.
“It’s important to remember that we put that money into the banks not to save the bankers, but to save the economy from the bankers,” said Sir Jon.
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