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Carney speech: If economy recovers as forecast, some modest tightening may be needed

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

"Will reinvest 17.5 billion GBP of proceeds from maturing March 2020 gilt purchase."

"Coronavirus is a reminder to stay vigilant."

"Although early signs are encouraging, recoveries in UK growth and inflation are not yet assured."

"Monetary policy may need to reinforce expected recovery in UK growth if more positive signs not sustained."

"If economy recovers as forecast, some modest tightening may be needed."

"UK entering a decade of potentially profound structural change."

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.

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