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Mark Carney is about to speak to the House of Lords

Will Martin   

Mark Carney is about to speak to the House of Lords
Finance2 min read

Mark Carney

Bank of England

The governor of the Bank of England, Mark Carney will speak in front of members of the House of Lords on Tuesday afternoon, facing questions from the Lords' Economic Affairs Committee.

From 3.35 p.m. BST (10.35 a.m. ET) Carney will take questions on a broad variety of topics, ranging from the UK's upcoming EU membership referendum and the country's current account deficit, all the way to the Chinese economy, and the Panama Papers.

Among the questions worth watching out for will be Carney's stance on the potential for Brexit - Britain leaving the European Union. In the minutes of the BoE's April meeting, the bank warned that Brexit could cause an "extended period of uncertainty" and have "significant implications for asset prices, in particular the exchange rate," adding that it believes uncertainty surrounding Brexit has already started to hurt the economy.

Carney will also likely be pressed on interest rates, and the larger UK economic environment by the committee. Last week, in a move that surprised no-one, the MPC voted to keep interest rates on hold once again in its April meeting, marking an 85th straight month of a 0.5% bank rate. In its announcement, the bank cited potential "softening of growth" in early 2016, and continued subdued inflation in the UK as reasons for the hold.

Last time Carney spoke to politicians, during a session of the House of Commons Treasury Select Committee in March, he was accused by eurosceptic Conservative MP Jacob Rees-Mogg of making "making speculative pro-EU statements" that were "beneath the dignity of the BOE".

Carney, who had been accused of acting like a "bomb disposal expert" by the committee's chairman Andrew Tyrie because of his measured speech, responded robustly, saying "I'm not going to let that stand."

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