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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.

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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."

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