MARGATE, England (Reuters) – Bank of England Governor Mark Carney said economic data published earlier on Thursday reflected how underlying growth was a bit weaker than the central bank had expected.
FILE PHOTO: Mark Carney the Governor of the Bank of England speaks at the bank’s quarterly Inflation Report Press Conference in London, Britain August 1, 2019. Chris J Ratcliffe/Pool via REUTERS
Carney said at the unveiling of Britain’s new 20-pound banknote that BoE had forecast growth of 0.2% in the third quarter.
“The underlying pace of growth is a bit softer than that, and today’s data… is consistent with that picture,” he said.
Figures from the Office for National Statistics suggested the economy did not fall into recession before the Oct. 31 Brexit deadline with gross domestic product in the three months to August 0.3% higher than in the previous three months.
But in the month of August alone, GDP fell by 0.1%.
Carney said sterling had been more volatile than usual, reflecting the wide range