Mark Carney, Governor of the Bank of England, Warns of Difficult Times Ahead

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Mark Carney, the Governor of the Bank of England, has said that there are “difficult times” ahead for the poorest in society because of inflationary pressures in the economy following the Brexit vote.

Carney said at an event in Nottingham:

“We’re willing to tolerate a bit of overshoot in inflation over the course of the next few years in order to avoid that situation, to cushion the blow”.

The abandoning of the inflationary target will put pressure on Theresa May, the Prime Minister, to spell out how the Government will deal with higher than expected inflation.

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