Carney Speech: Consequences of resolution on Brexit are not automatic for inflation

Governor of the Bank of England, Mark Carney, is responding to questions from the press, with key quotes, via Reuters, found below.

Our normal horizon to return inflation to target is 18-24 months, but we are in exceptional circumstances.

Consequences of resolution on Brexit are not automatic for inflation.

We do expect bank rate rise to be passed on to savings rates.

Key notes

The Bank of England hikes Bank rate by 0.25% with 7 MPC members backing the move.

The Monetary Policy Committee of the Bank of England decided to increase the Bank rate by 25 basis points to 0.50% with the majority of 7 members of the MPC backing the decision.

GBP/JPY plunges below 150.00 handle post-BoE, Carney in focus.

The GBP/JPY cross faded a knee-jerk bullish spike to mid-151.00s and tumbled below the key 150.00 psychological mark post-BoE decision. 

About Mark Carney 

Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.