August 2, 2018 / 12:19 PM / a year ago

BoE's Carney - policy needs to walk, not run

FILE PHOTO: The Governor of the Bank of England Mark Carney arrives to deliver a report at the Bank in London, Britain, June 27, 2018. Matt Dunham/Pool via Reuters/File Photo

LONDON (Reuters) - The Bank of England’s approach to policy should be to “walk - not run”, Governor Mark Carney said on Thursday after the central bank raised rates to a new post-financial crisis high of 0.75 percent.

Carney repeated the BoE’s view that rates are likely to rise only in a limited and gradual fashion, reflecting long-term changes to Britain’s economy and short-term factors like Brexit uncertainty and fiscal drag.

“Policy needs to walk – not run – to stand still,” Carney said in a speech after the BoE’s rate decision.

Sterling fell to a day’s low against both the dollar and euro on the comment.

Reporting by Andy Bruce; editing by Stephen Addison

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