BOE’s Carney: Oil Price Good for U.K. Economy

Bank of England Governor Mark Carney said on Wednesday that the sharp fall in global oil prices was positive for British economic growth, repeating remarks made last month.

“My personal view is that the net impact of the decline in the oil price at this stage is net positive for growth in the United Kingdom,” Carney told a panel of lawmakers.

While falling oil prices were a negative shock for the economy in Scotland, home to most of Britain’s North Sea oil and gas industry, this would be “substantially mitigated” by the country’s fiscal arrangements with the rest of the United Kingdom, Carney said.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.