Live updates

Carney: My job to be straight with Brits over Brexit

Bank of England boss Mark Carney said it was his job to "come straight with the British people" over the risks of a Brexit vote.

Mark Carney appearing before MPs on Tuesday. Credit: PA Wire

In a heated exchange with MPs, he denied accusations of being politically involved and of colluding with Chancellor George Osborne.

Mr Carney insisted the Bank was "apolitical" and had a responsibility to warn the wider public about the economic risks of a Brexit.

"It's important not just to those in financial markets but it's important to come straight with the British people about that," he said.

Advertisement

Interest rate under spotlight on Bank 'Super Thursday'

The Bank has combined the announcements in a bid to improve transparency. Credit: PA

A deluge of information will be released by the Bank of England at midday today that is likely to provide an insight into when interest rates will rise.

Dubbed "Super Thursday", the Bank will publish its interest rate decision, the minutes of the Monetary Policy Committee, which decides the rate, and its quarterly Inflation Report, the latest view on the state of the UK economy.

Mark Carney, the Governor of the Bank of England, will also hold a news conference to provide further details.

Previously the announcements have been spread out over a couple of weeks, but they are being combined in a bid to improve transparency.

Interest rates have been frozen at 0.5% since 2009 and, although the Bank is not expected to announce a rise today, a hike has been widely predicted for this winter.

Banking leaders welcome Carney's reform proposals

Senior bankers have greeted Mark Carney's tough new proposals to crack down on fraudulent practices.

Anthony Browne, chief executive of the British Bankers' Association, said: "It's vital that London once again sets the gold standard for fair dealing and integrity in financial markets.

"We welcome the intention to extend regulation from banks to other types of trading organisations. This should give customers greater clarity and protection."

Martin Wheatley, chief executive of the Financial Conduct Authority, added: "These markets are central to our economy and today's recommendations will be important in rebuilding public trust in their integrity."

Advertisement

Mark Carney: Brits should enjoy low inflation while it lasts

Governor Mark Carney has said people should 'enjoy the low inflation while it lasts' as the Bank of England will bring inflation up to the 2% target by the end of the year.

We expect inflation to be very low over the next few months. But over the course of the year as we get towards the end inflation should start to pick up towards our 2% target.

The British people should enjoy this period of very low energy prices low, very low food prices, enjoy it while it lasts.

– Mark Carney

Mark Carney: EU referendum 'should happen soon'

An referendum on the UK's membership of the European Union should take place "as soon as necessary", the Bank of England governor has said.

Mark Carney said businesses are continuing to invest and hire despite political uncertainty connected to either the recent election or future referendum but added that: "It's in the interests of everybody that there is clarity about the process and the question and the decision."

The Conservatives have pledged to have a vote on the issue before the end of 2017. Asked if the referendum had resulted in uncertainty among business bosses, Mr Carney told BBC Radio 4's Today programme:

We talk to a lot of bosses and there has been an awareness of some of this political uncertainty - whether because of the election or because of the referendum.

What they've been telling us, and we see it in the statistics, is they have not yet acted on that uncertainty - or to put it another way, they are continuing to invest, they are continuing to hire.

– Mark Carney

Asked why productivity has not therefore increased, Mr Carney said: "It should start to move up.

"One of the big advantages this economy has is access to the European market. It's the largest economy in the world, it's our largest per destination, it's our largest investor in the United Kingdom."

Asked if he meant he would like to see the referendum sooner rather than later, Mr Carney said: "As soon as necessary. That's as much as you're going to get."

Load more updates