BoE chief Carney says it can not solve Brexit and housing


Most economists now expect the BoE to raise Bank Rate to 0.50 percent from 0.25 percent on November 2, at the end of its next policy meeting.

Governor Mark Carney and policy maker Gertjan Vlieghe have also said they see a rate increase in coming months, while two others are already voting for a hike.

Earlier Friday, Bank of England Governor Mark Carney, told the BBC Radio 4 Today show, that rates could rise soon.

This will no doubt prove a setback for the Chancellor, Philip Hammond, who is set to deliver his Autumn Budget in November.

He added that the gap between the rich and poor are "issues for government, for broader society, they are not the responsibility of the Bank of England".

Borrowers have enjoyed rock-bottom rates since the base interest rate was cut to 0.25 per cent after Britain voted to leave the European Union previous year.

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GBPUFSD meanwhile is ranging 1.3400-50 as we wait on Carney and final Q2 GDP.

The Bank cut rates to a new record low of 0.25 per cent in the wake of the June 2016 Brexit vote.

He said most of the "necessary adjustments" in light of Brexit are "real in nature" and therefore "not in the gift of central bankers".

'Since the financial crisis, British households have paid down a tremendous amount of debt.

He did however highlight concerns at the Bank about the impact of Brexit on the City, and particularly the derivatives market. May, who sparked controversy a year ago 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. It has to be solved ultimately by actions of the EU27 and the UK. However UK prime minister Theresa May last week appealed to European Union governments for an extension to that two-year period, to allow a smoother transition, rather than a "cliff edge" UK exit from the EU.

'It plays directly into this question of an implementation arrangement or a transition deal that is absolutely in the interests of the EU27 and in the interests of this country'.