UK economy headed for stagnation in third quarter: BoE's Carney

Bank of England Governor Mark Carney said Britain's economy appeared to be ...

JACKSON HOLE, Wyo. - Bank of England Governor Mark Carney said Britain’s economy appeared to be on course to stagnate in the current quarter, and underlying growth still looked muted even when the effect of Brexit volatility was stripped out.

Britain’s economy shrank during the three months to June for the first time since the global financial crisis, due in large part to a surge in activity earlier in the year as companies rushed to get ready for an original Brexit deadline.But business surveys over the course of August have painted a lackluster picture.

Carney said global economic momentum remained soft despite markets’ increased expectations that central banks around the world would loosen policy, but the outlook for the British economy hinged mostly on the nature and timing of Brexit. “There is overwhelming evidence that this is a direct result of uncertainties over the UK’s future trading relationship with the EU, and it serves as a warning to others of the potential impact of persistent trade tensions on global business confidence and activity,” Carney said.

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