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UK will be hit with higher inflation if there is no Brexit transition, Carney warns

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“You could paint either picture. So what we’re trying to get across is that the balance of these, so people can adjust as the negotiations proceed.”

The Bank of England will do everything it can to keep the economy growing and the financial system stable through Brexit, Mark Carney has pledged.

“What are we trying to say to the people of UK? Very simple: We will do whatever we can to support the economy subject to returning inflation to that 2pc target – so don’t worry about inflation,” he said.

“And we will make sure the core of the financial system is resilient to whatever outcome [of the Brexit negotiations].”

The Governor of the Bank of England said he had stretched his remit recently, allowing inflation to run above the 2pc target which enabled the Bank to keep rates low and support growth.



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