Bank governor Carney takes aim at Trump over 'hostile' trade

Mark Carney  Gareth Southgate

In a speech in northern England, Mr.

The governor of the Bank of England told an audience in Newcastle there were signs of damage to global economic activity as the USA president targets trade imbalances - with the world's second-largest economy now firmly in his sights after tit-for-tat measures against the EU, Canada and Mexico.

He said the final reading of economic growth for the first quarter, which was revised up from 0.1% to 0.2% last week, confirmed his view of the UK's trajectory.

Since then, consumer and household spending have increased significantly.

With a more promising United Kingdom economic outlook, expectations of a bank rate hike next month have grown.

Asked about the economic impact if England win the tournament for the first time since 1966, Carney said: "It would be an unalloyed, unadulterated, absolute good".

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In wide-ranging remarks he also gave a further hint that the Bank's monetary policy committee was on track to raise interest rates, as markets expect, in August.

Carney added that if the economy does develop in line with these projections, "an ongoing tightening of monetary policy over the next few years would be appropriate to return inflation sustainably to its target".

The 'interest rate' is the rate at which the central bank lends money to domestic financial institutions. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.

The Bank of England's governor, Mark Carney, made clear his thoughts on President Donald Trump's rising trade war on Thursday, seemingly mocking the president's fondness for making policy announcements via Twitter.

There are also four external members who the Chancellor of the Exchequer appoints directly.

Revealing forecasts made by Threadneedle Street, the governor warned that the American economy would suffer a 2.5% drop in GDP thanks to falling trade volumes alone over three years, should the White House increase U.S. import tariffs by about 10 percentage points on all of its trading partners.

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