Former Bank of England (BoE) governor Mark Carney has said Covid-19 is likely to move the global energy transition “more to centre-stage” for investors.
The outgoing governor of the Bank of England has warned firms that their assets could become "worthless" if they do not wake up to the climate crisis.
The Bank of England will give its latest verdict on the health of Britain’s biggest lenders tomorrow after testing them against a global economic crisis and crashing house prices.
Scotland’s North Sea oil sector may have to deal with challenging conditions for some time, the Governor of the Bank of England has warned.
The Bank of England looks set to keep interest rates on hold as fears over global growth and the threat of Britain leaving the European Union continue to loom large over the UK economy.
Bank of England governor Mark Carney has insisted Britain’s banks are strong enough to withstand a global financial crisis amid fears the sector is heading for another meltdown.
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".
Climate change and increasingly severe weather pose a grave risk to financial systems and long-term prosperity, the governor of the Bank of England has said.
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.