Carney’s ‘Shot in the Arm’ to Ensure Economy Thrives in the ‘New Reality’

Mark Carney, Governor of the Bank of England, said Brexit would spark an “adjustment” that meant there would be a “new reality” for the post-Brexit economy.

by Szu Ping Chan

In the end, there was no “R” word.

In what economists described as a “shot in the arm” for the UK economy, the nine members of the Bank of England’s Monetary Policy Committee delivered a package of measures designed to prevent a Brexit-induced slump, keep banks lending and consumers and businesses spending.

The four-part stimulus package, including a reduction in interest rates to a fresh low of 0.25pc, from 0.5pc, would help the UK to avoid recession, but that didn’t mean all was well.

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