Carney speech: Expectations components of surveys have tended to not be reliable

Following the Bank of England's decision to keep its policy rate unchanged at 0.75%, Governor Mark Carney is delivering his remarks on the monetary policy outlook in a press conference.

Key quotes

"UK productivity forecasts assume UK financial institutions lose EU passporting rights in 2021."

"Forecasts do assume that UK banks receive 'equivalence' designation from EU."

"Loss of equivalence status by UK-based central counterparties would bring costs for EU companies and pension funds."

"Expectations components of surveys have tended to not be reliable, overpredict changes in growth."

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.