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BoE's Carney after May criticism - we won't take instruction on policies
October 14, 2016 / 2:21 PM / a year ago

BoE's Carney after May criticism - we won't take instruction on policies

BIRMINGHAM (Reuters) - Bank of England Governor Mark Carney said on Friday he would not “take instruction” from politicians about how the BoE follows its objectives, in an apparent rebuff to criticism from Prime Minister Theresa May of the BoE’s low interest rate policies.

Bank of England Governor Mark Carney speaks during a panel discussion at the annual meetings of the IMF and World Bank Group in Washington, October 6, 2016. REUTERS/James Lawler Duggan

”Politicians have done a very good job of setting up the system,“ Carney said. ”Where it can be difficult sometimes is if there are political comments on our policies as opposed to political comments on our objectives.

“The objectives are what are set by the politicians, the policies are done by technocrats,” he told a public meeting in the city of Birmingham. “We are not going to take instruction on our policies from the political side.”

Reporting by Andy Bruce and Peter Hobson; writing by William Schomberg; editing by Stephen Addison

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