October 14, 2016 / 9:36 AM / 2 years ago

Bank of England's Carney: willing to tolerate inflation overshoot

NOTTINGHAM, England, Oct 14 (Reuters) - Bank of England Governor Mark Carney said he was willing to allow inflation to run higher than the central bank’s 2 percent target in order to help employment and allow Britain’s economy to grow.

Carney made the comment as he described the BoE’s mission at the start of a public meeting in the central English city of Nottingham, one of several being held on Friday by senior BoE officials.

British inflation is expected to rise above 2 percent in 2017 because of a sharp fall in the value of the pound following the country’s decision to leave the European Union.

The BoE has previously signalled it is likely to cut interest rates below their already historic low of 0.25 percent in order to help the economy cope with the shock of the Brexit vote. Its next announcement on rates is due on Nov. 3. (Reporting by Andy Bruce and Peter Hobson; writing by William Schomberg)

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