Embedded below is the speech by Mark Carney, the Governor of the Bank of England. The remarkable situation engendered by the EU referendum results compelled Carney to deliver a calming speech effectively telling the UK it could weather the storm;
“The UK can handle change. It has one of the most flexible economies in the world and benefits from a deep reservoir of human capital, world-class infrastructure and the rule of law. Its people are admired the world over for their strength under adversity. The question is not whether the UK will adjust but rather how quickly and how well.”
Carney labeled the Brexit fallout an “economic post-traumatic stress disorder” as firms delay investment decisions and investors seek safer returns. The Brexit will have a short term impact on the economy but Carney assured the population the UK economy will persevere. An expected decrease in interest rates may happen during the summer as Carney hopes to stave off a possible recession.
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