March 11, 2020 / 10:04 AM / 20 days ago

Signs of retail slump helped to spur BoE action, Carney says

FILE PHOTO: The Governor of the Bank of England, Mark Carney, speaks to the Scottish Economics Forum, via a live feed, in central London, Britain March 2, 2018. REUTERS/Peter Nicholls/File Photo

LONDON (Reuters) - Bank of England Governor Mark Carney cited anecdotal evidence showing a slump in Britain’s retail sector as a reason why the central bank needed to stimulate the economy in a shock move on Wednesday.

“We have anecdotal evidence that we’re building up through our agency network and our direct contacts with businesses, where we have seen a sharp fall in trading conditions, particularly in retail, consumer discretionary items over the course of the last week,” Carney told a news conference

“Even prior to that we were beginning to see supply chain disruptions in the manufacturing sector as well.”

Reporting by Andy Bruce, editing by Estelle Shirbon

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