Wednesday preview: Carney speaks at inflation report hearing

Bank of England Governor Mark Carney faces questioning over his recent boost to stimulus measures at the inflation report hearing on Wednesday.

Speaking for the first time since the BoE decided to slash interest rates and increase its asset purchases, Carney will testify in London before the Treasury Select Committee.

The BoE on 4 August cut interest rates by 25 basis points to 0.25% and raised the asset purchase programme by £60bn to £435bn.

Since the policy announcement, a batch of strong economic data that flies in the face of Brexit has been released.

This has prompted some analysts to say Carney may have a hard time justifying last month's barrage of stimulus measures and whether the BoE pulled the trigger too soon.

He also faces questions on the economic implications of the UK’s vote to leave the European Union.

Fellow Monetary Policy Committee members Jon Cunliffe, Kristen Forbes, and Ian McCafferty will also speak at the hearing.

London Capital Group analyst Ipek Ozkardeskaya said: "The improvement in the post-Brexit sentiment and the recovery in the economic activity suggest a softer Bank of England action in the coming months, hence a further appreciation in the pound is on the menu after it has been aggressively sold-off during the two months following the Brexit referendum (23 June)."

Wednesday 07 September

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