Bank of England comments compound Brexit ‘muddle’

UK Prime Minister Theresa May promised on Wednesday to listen more closely to businesses’ concerns about Brexit as she set out her new government’s programme in the ceremonial Queen’s speech in parliament. But as David Pollard reports, the lack of clarity over her plans – together with apparently contradictory guidance on interest rates from the Bank of England – have London markets scratching their heads.

▲ Hide Transcript

View Transcript

Heatwave Britain.
With temperatures at over thirty celsius, time to strip off.
Though not for everyone.

(SOUNDBITE) (English) BRITAIN’S QUEEN ELIZABETH, SAYING:

“My Lords, pray be seated.”
This the Queen’s speech – the ceremonial delivery of a new government’s new programme.
No guesses needed as to the agenda.

(SOUNDBITE) (English) BRITAIN’S QUEEN ELIZABETH, SAYING:

“My government’s priority is to secure the best possible deal as the country leaves the European Union …”
This month’s election saw the ruling party’s majority slip – Theresa May with a weaker, not stronger hand in trying to get that deal.
And consumers more often in search of bargains than beaches – as weak sterling converts into stronger prices.
If right now, they don’t face rising interest rates – according to hints this week from the Bank of England governor.

(SOUNDBITE) (English) JEREMY STRETCH, HEAD OF G10 FX STRATEGY, CIBC, SAYING:

“If consumers are going to maintain spending they have to do that by either increasing borrowing, which is not particularly sustainable, or running down already low levels of…

Read the full article from the Source…

Leave a Reply

Your email address will not be published. Required fields are marked *