Bank of England’s Carney warns against coronavirus impact on UK economic growth

Bank of England’s Governor warned on Monday that Britain should prepare itself for a possible economic growth downgrade as the effect of the coronavirus outbreak deepens.

In a wide-ranging interview with Sky News, his last to be broadcast before he steps down next month, Mark Carney said the Bank had already detected a fall in activity that could imply a downgrade – but it was too early to tell how badly Britain would be affected.

Mark Careny said in an interview with Sky News – his last to be broadcast before he steps down in April – that the Bank of England had already detected a decline in activity that could imply a downgrade. Yet, it is too early to tell how badly Britain would be affected, he added.

“What we are picking up with some of our bigger companies and companies around the world is that supply chains… are getting a little tight. That’s lower activity.” Careny told Sky News.

“There’s less tourism – as you can see on our streets here in the UK. That’s lower activity as well.”

“We would expect world growth would be lower than it otherwise would be, and that has a knock-on effect on the UK.”

“We’re not picking that up yet at all in the European and UK economic indicators, but if the world is slower than the UK, a very open economy, will have an impact.” he added.