Carney speech: New trade arrangement with EU will bring adjustment costs for UK

Following the Bank of England's decision to keep its policy rate unchanged at 0.75%, Governor Mark Carney is delivering his remarks on the monetary policy outlook in a press conference.

Key quotes

"UK business investment has been very weak since decision to call Brexit referendum."

"Series of Brexit cliff edges over the past year has contributed to weak productivity."

"New trade arrangement with EU will bring adjustment costs for UK."

"There is not much more scope for UK labour force participation to rise."

About Mark Carney 

Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.