February 28, 2020 / 6:11 AM / 3 months ago

Carney says coronavirus could hurt UK economy - Sky News

FILE PHOTO: Mark Carney, Governor of the Bank of England, makes a keynote address to launch the private finance agenda for the 2020 United Nations Climate Change Conference (COP26) at Guildhall in London, Britain February 27, 2020. Tolga Akmen/Pool via REUTERS

(Reuters) - Bank of England Governor Mark Carney said Britain should prepare for an economic hit as fallout from the novel coronavirus outbreak deepens.

The central bank had already detected a tightening in supply chains that could imply a downgrade but it was too early to tell how badly Britain would be affected, Carney told Sky News in an interview bit.ly/3ceClpZ.

Carney said the central bank would expect world growth to be lower than it otherwise would be, and that has a knock-on effect on the United Kingdom, according to Sky News.

“We’re not picking that up yet at all in the European and UK economic indicators, but if the world is slower than the UK, a very open economy, will have an impact,” Carney told Sky News.

The BoE was constantly monitoring UK banks to ensure they remain in good health so there is no risk of a financial crisis, Carney said in the Sky News interview.

The British region of Northern Ireland on Thursday confirmed its first case of coronavirus, bringing the total number of cases in the United Kingdom to 16.

Reporting by Rama Venkat in Bengaluru; Editing by Shri Navaratnam and Lincoln Feast.

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