BOE’s Carney: ‘Financial regulation will not change until UK leaves EU, rules are rules’

Bank of England (BOE) Governor Mark Carney at press conference, following the release of the Financial Stability report (FSR), noted the following:

Key Quotes:

“Will be straight with the British people about financial risks”

“Will take action to support jobs and growth”

“Concerns about current account have been borne out”

“Now more likely that adjustments in commercial real estate will tighten credit conditions for UK firms”

“Foreign flows of capital into UK commercial real estate fell 50 pct in Q1 2016”

“Growing evidence that uncertainty post brexit has delayed decisions on investment”

“Financial markets have managed volatility around referendum well, not added to stress”

“Lower bank share prices consistent with less certain economic outlook, lower profitability

“BOE will ensure that no bank increases dividends or distributions to shareholders due to BOE rule changes“

“Financial regulation will not change until UK leaves EU, rules are rules”

“UK has entered a period of uncertainty and significant economic adjustment”

“Future potential of UK economy not in gift of BOE, will be driven by others in private and public sectors”