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Mark Carney

Markets

Bank of England Governor claims low oil prices good for the economy

The Governor of the Bank of England insisted that low oil prices were good for the economy - at least in the “medium term”. Giving evidence to the Commons Treasury Committee today, Mark Carney said it was “absolutely not true" that the Bank wanted to encourage higher oil prices, adding that low oil was “good for growth in the medium term" and a “net positive for the global economy".

Markets

Bank of England governor warns oil prices will have ‘negative shock’ to Scottish economy

The plunge in oil prices represents a “negative shock” to the Scottish economy, Bank of England governor Mark Carney said. Mr Carney maintained that the decline - which has fed through to ultra-low inflation which it is hoped will boost consumer spending - was an overall positive development for the UK. But he admitted that Scotland, which is heavily reliant on North Sea reserves, would face a hit from the fall, which has seen the price of a barrel of Brent crude tumble by more than half since last summer to below $50, a near six-year low.