March 3, 2020 / 9:58 AM / a month ago

BoE's Carney sees "large but temporary" shock from coronavirus

LONDON, March 3 (Reuters) - Bank of England Governor Mark Carney predicted that coronavirus would cause a “large but temporary” shock to the economy and said the central bank would ensure all necessary contingency plans were in place.

“The Bank of England’s role is to help UK businesses and households manage through an economic shock that could prove large but will ultimately be temporary,” he said in a statement.

Carney said he had had a series of discussions with the new finance minister Rishi Sunak and he was in regular contact with the finance ministry, Britain’s FCA financial regulator and the BoE’s international peers.

Reporting by Kate Holton and William Schomberg; editing by Michael Holden

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