The Governor of the Bank of England says Brexit is likely to hurt growth in the UK and push up inflation. Rough cut (no reporter narration).
ROUGH CUT. NO REPORTER NARRATION. The Bank of England Governor Mark Carney said on Monday (September 18) that Brexit is likely to hurt Britain's growth prospects in the short term and push up inflation as the country adjusts to life outside the European Union. In a speech that immediately drew criticism from some Brexit supporters who have previously criticized his stance on the EU, Carney warned that Britain would face a cost for reworking its trade relationships. In the short term, the weakening of trade ties with its EU partners would not be offset by new agreements with other countries, he said, as he repeated his argument from last week that interest rates would probably need to rise soon. Carney angered many Brexit supporters before last year's referendum by saying that leaving the EU would probably hurt the economy. Although growth held up immediately after the vote, it has slowed sharply this year.