New BoE Governor faces MPs

The next Bank of England Governor, Mark Carney, has appeared before the Treasury Committee.

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Interest rates held despite triple-dip recession threat

Despite the threat of triple-dip recession the Bank of England held off from further emergency support today.

Recent figures estimate the economy slipped back into the red in the final three months of last year
Recent figures estimate the economy slipped back into the red in the final three months of last year Credit: Press Association

Interest rates are being held at their record low of 0.5%. The Bank's quantitative easing programme - or the level of money it pumps into the economy - is being maintined at £375 billion.

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Mark Carney 'wants to be boring'

by - Economics Editor

Mark Carney is coming under some pressure for his UK pay - which is almost 3 times higher than in Canada. He says it is consistent with similar executive deals.

Mark Carney, the governor-designate of the Bank of England
Mark Carney, the governor-designate of the Bank of England Credit: Pool

Mark Carney wants to be boring. In written evidence: "I would like [my] exit in 2018 to be less newsworthy than my entrance." When asked about his management style Carney says "I've done everything I can to build consensus", avoiding a comparison with Mervyn King, the current governor, directly.

Bank of England set to hold interest rates

The Bank of England's Monetary Policy Committee is expected to hold their course and keep interest rates at 0.5% today.

Economists predict the Bank will continue to keep its money printing quantitative easing programme on hold, as it looks to its Funding for Lending Scheme and a recent fall in the price of sterling to boost the economy.

Bank of England Governor Mervyn King
Bank of England Governor Mervyn King Credit: PA Wire

The Bank will meet after gross domestic product figures showed the economy slipped back into the red in the final three months of last year, with fears last month's snowstorms will have hit output at the start of this year.

Read more: UK triple-dip recession looms

Next BoE Governor Mark Carney to appear before MPs

The new Bank of England Governor, Mark Carney, will appear before the House of Commons Treasury Committee today.

The current Governor of the Bank of Canada is likely to face questions from MPs on his experience, the process by which he was appointed and his thoughts on monetary policy and financial stability in the UK.

Mark Carney takes over from Mervyn King on 1st July 2013.
Mark Carney takes over from Mervyn King on 1st July 2013. Credit: Reuters

Read also:

The Canadian taking over at the Bank of England, analysis from Economics Editor Richard Edgar

New BoE Governor reveals lessons he will bring from Canada

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