He's obviously been in the UK too long as he's making understatements
- Exit would make funding the current account deficit more expensive
- We think bank's capital positions will allow them to deal with quite large shocks
- UK economy and financial system is resilient
- Older workers staying longer in the workforce has swamped the effect of higher immigration
- Net migration likely to become more important as the effect of older workers is exhausted
- Effects of migrants on wage levels are not material for BOE
The questions are swinging around to the economic outlook, which is what this hearing is really all about. The pound has washed off the drop from the Brexit talk.
Hands on with Carney
