Mark Carney warns that Brexit uncertainty will damage economy


Mark Carney has used an introductory speech at the Bank of England's independence conference to remind leaders about the organisation's limited influence on the economy, in particular the impact of Brexit.

Yesterday Carney fired a warning shot across the bows of the United Kingdom govt saying Monday pol alone cannot totally limit Brexit fall out while May retorted that the govt needs to mitigate BOE policy.

Carney also said, the Monetary Policy Committee (MPC) has concerns over consumer debt and unsecured bank lending.

Although monetary policy could respond to the risks related to the exit from the European Union, and other financial issues, people should not confuse "independence with omnipotence", according to the governor.

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Central banks' roles have come under increasing scrutiny in recent years.

"This would be a sign of the economy healing, and therefore adjusting to that healing process", he said. May, who sparked controversy past year by saying some central bank actions were not working for average Britons, also said it was up to the government to mitigate any side effects of BOE policy when pressed by a question from the audience.

Carney's comments followed former Prime Minister, Gordon Brown, and former Labour Shadow Chancellor Ed Balls' argument for a closer relationship between the government and the Bank of England, saying leadership was lacking in some areas.

However, it can not deliver lasting prosperity and it can not solve broader societal challenges. They are tens of thousands of contracts involving hundreds of institutions, European and United Kingdom, and the legal validity of those contracts post-Brexit is in question, ' he said.

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An interest-rate increase should be considered good news for the United Kingdom, rather than a source of fear, according to the Bank of England's chief economist Andy Haldane. "So rather than being a source of fear or trepidation, this ought to be a good news story about the economy proving resilient".

In the clearest indication yet that there could be a rate rise as early as November, Mark Carney suggested that it was time for the bank to "ease its foot off the accelerator".

May and Carney were just two of many high-profile speakers at the conference in London.

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