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World

Brexit? Carney keeps calm and carries on

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World

Brexit? Carney keeps calm and carries on

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COMING UP:Brexit? Carney keeps calm and carries on

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Transcript

00:00:00
>> Morning.>> Is this man running Britain?>> We are well prepared for this.>> Since the vote for Brexit, the country has faced a leadership vacuum. Prime Minister David Cameron promptly stepping down, Finance Minister George Osborn rarely seen in public, and the opposition crippled by in-fighting. Enter the Bank of England Governor, Mark Carney immediately stepping in to calm markets after the vote.
00:00:29
Reuters' UK Chief Economics correspondent Bill Schaumburg says the Governor's role has been critical.>> Within an hour, or just over an hour of the official result being given. He was addressing the nation really from the Bank of England. He stressed that the economy was well prepared for the shocks that lay ahead and the banking system was in good shape.
00:00:51
And it was a start of an attempt by Carney and the Bank of England to try to provide reassurances that the economy was in safe hands.>> A new Prime Minister won't be chosen until September. That leaves Carney in the hot seat and he's unlikely to be idle.
00:01:06
Most economists expecting a rate cut in August, and maybe a resumption of quantitative easing. That's when the Bank of England buys government bonds as a way of pumping cash into the economy. But not everyone is so impressed with Carney's performance.>> I did speak to a former member of the Monetary Policy Committee, Andrew Sentence
00:01:26
>> He said he felt that Carney had perhaps moved a little bit too soon. That the Bank of England historically has reacted to evidence of what's going on with the economy, rather than trying to get out ahead of what they think is likely to happen.>> If Carney is at the helm, that raises one little irony.
00:01:43
Amidst all the talk of curbing immigration it seems the country is being run by a Canadian.