This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-35751919
The article has changed 14 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Bank of England governor says EU has helped UK economy | Bank of England governor says EU has helped UK economy |
| (35 minutes later) | |
| The governor of the Bank of England has said that Britain's membership of the EU has re-inforced the "dynamism of the UK economy". | The governor of the Bank of England has said that Britain's membership of the EU has re-inforced the "dynamism of the UK economy". |
| In a letter to the Treasury Committee, Mark Carney said that the relationship had helped the UK to grow. | In a letter to the Treasury Committee, Mark Carney said that the relationship had helped the UK to grow. |
| He emphasised that the Bank was not taking sides in the EU referendum. | He emphasised that the Bank was not taking sides in the EU referendum. |
| "We will not be making, and nothing we say should be interpreted as making, any recommendation with respect to that decision," he said. | "We will not be making, and nothing we say should be interpreted as making, any recommendation with respect to that decision," he said. |
| Mr Carney appeared in front of the cross-party Treasury Committee to discuss the economic and financial costs and benefits of the UK's EU membership, ahead of the referendum on 23 June. | |
| Referring to a Bank of England report on the EU, Mr Carney concluded that EU membership had "likely increased the dynamism of the UK economy and correspondingly its ability to grow without generating risks to the Bank's primary objectives of monetary and financial stability". | Referring to a Bank of England report on the EU, Mr Carney concluded that EU membership had "likely increased the dynamism of the UK economy and correspondingly its ability to grow without generating risks to the Bank's primary objectives of monetary and financial stability". |
| However, Conservative MP and Treasury Committee member Jacob Rees-Mogg said this could be attributed to reforms made under Margaret Thatcher. | |
| "It is speculative and beneath the dignity of the Bank of England to be making speculative, pro-EU comments," Mr Rees-Mogg said. | |
| Exit after-effects | |
| If Britain votes to leave the EU, Mr Carney said the Bank "will do everything in our power to discharge our responsibility to achieve monetary stability and financial stability". | |
| He said that there were measures that the Bank of England could take in the short term to support the financial system but said he could not rule out the possibility that there could be issues with stability. | |
| Commenting on the short-term impact of an EU exit, Mr Carney said: "There could be lower levels of activity because of the degree of uncertainty that could affect investment and household spending. Reasonable expectations during a period of uncertainty. | |
| Mr Carney was also questioned about the financial sector's reaction to an exit. | |
| He said: "One would expect some activity to move, certainly there's a logic to that and there are views that have been expressed publicly and privately by a number of institutions that they would look at it, and I'd say a number of institutions are contingency planning for that possibility." |