Bank of England cuts interest rates to prevent a Brexit recession: Inflation Report press conference
Hugo Duncan (Daily Mail) question SOT
- Thank you. Governor, I note that you discussed cutting rates
immediately to the effect of lower bound and the majority
thought that that could be done now. You didn't in the end;
is that because you wanted a unanimous decision on rates? I
note that the decision to buy government gilts was not
unanimous because there were concerns among three
members that recent surveys overstate the weakness of the
economy. Were you trying to give a unified decision on
interest rates at least, hence the reason why there was just
the quarter point cut?
Carney answer SOT
- Well, there are two reasons. The first is that we were able to
provide the stimulus in other ways. And we saw value in
having a package of measures, as opposed to relying on one
measure alone. Why is that the case? First, it goes through
multiple channels, Bank Rate at the short end, gilt purchases
long end, corporate bonds through a new channel and then
the TFS, making sure those Bank Rate cuts get across.
So multiple channels, complementary, mutually reinforcing,
stronger as a result. And by the way all of this backed up by
some other technical decisions of the FPC around the leverage
ratio and countercyclical capital buffer, important technical
decisions.
So value in having a package, and also the reality that we will
have another meeting in September, another one in October,
another on in the December, and we will get more data. And
as we said, if the data is broadly consistent with the forecast,
the majority of members would expect to act during the
course of this year.
I would stress that on all elements of this package we have
scope to add if that were necessary. And we would do so, but
only to the extent that it's consistent with our remit. So it is
a very much contingent on how the forecast evolves.
Harry Daniels (Live Squawk News) question SOT
- Listening to your response about other central banks and the
actions they've t...
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編輯性內容編號:
657946644
圖像集:
ITN
建立日期:
2016年08月04日
上傳日期:
授權類型:
權利準備 (Rights-Ready)
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無許可授權 更多資料
短片長度:
00:11:36:08
位置:
United Kingdom
原版:
QuickTime 8-bit H.264 HD 1920x1080 25i
原拍攝於:
1080 25i
來源:
ITN
物件名稱:
r04081614_60366.mov