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| Version 1 | Version 2 |
|---|---|
| Mark Carney 'serene' about Bank of England's Brexit stance | Mark Carney 'serene' about Bank of England's Brexit stance |
| (35 minutes later) | |
| Bank of England Governor Mark Carney has said he is "absolutely serene" about the Bank's preparations for the impact from the Brexit vote. | Bank of England Governor Mark Carney has said he is "absolutely serene" about the Bank's preparations for the impact from the Brexit vote. |
| Mr Carney is being questioned by MPs about how the Bank handled the referendum outcome and its decision to cut interest rates to a record low. | Mr Carney is being questioned by MPs about how the Bank handled the referendum outcome and its decision to cut interest rates to a record low. |
| The Bank was criticised by Brexit supporters for saying the economy would be hit from a vote to leave the EU. | The Bank was criticised by Brexit supporters for saying the economy would be hit from a vote to leave the EU. |
| But Mr Carney said the Bank's decisions had so far been "validated". | But Mr Carney said the Bank's decisions had so far been "validated". |
| Business Live: Carney faces grilling by MPs | Business Live: Carney faces grilling by MPs |
| 'Sailed through' | 'Sailed through' |
| The "extraordinary preparations" made by the Bank "cushioned" the economy and will help the UK "make a success of Brexit", he told MPs on the Treasury Select Committee. | The "extraordinary preparations" made by the Bank "cushioned" the economy and will help the UK "make a success of Brexit", he told MPs on the Treasury Select Committee. |
| "This financial system sailed through what was a surprise to the vast majority of financial market participants," Mr Carney said. | "This financial system sailed through what was a surprise to the vast majority of financial market participants," Mr Carney said. |
| MPs questioned whether the Bank was too aggressive in supporting the economy after the vote. | MPs questioned whether the Bank was too aggressive in supporting the economy after the vote. |
| The UK's services, manufacturing and construction industries have all showed signs of recovery in August after taking a hit in July. | The UK's services, manufacturing and construction industries have all showed signs of recovery in August after taking a hit in July. |
| However, Mr Carney said he was "absolutely comfortable" with the Bank's decision to cut interest rates to 0.25% and pump billions of pounds into the economy. | However, Mr Carney said he was "absolutely comfortable" with the Bank's decision to cut interest rates to 0.25% and pump billions of pounds into the economy. |
| He added that it is "welcome there is a rebound" in the economy. | He added that it is "welcome there is a rebound" in the economy. |
| 'Concrete action' | |
| Mr Carney claimed the chances of a UK recession had receded due to the actions taken by the Bank of England. | |
| He told the committee the Bank took "timely, comprehensive and concrete" action, which acted to "support, cushion and help the economy to adjust". | |
| Last month's rate cut to a new historic low of 0.25% helped support house prices and the wider economy, he said. | |
| "There has been quite a considerable improvement in mortgage borrowing costs and we are seeing pass through of our actions," he said. |