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.
This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.