Mark Carney

• Recent Brexit deal creates a possibility of a pick up in UK growth
• World risks slipping into low growth, low inflation but many of these dynamics occurred first in the UK
• Both reduced Brexit uncertainty and stronger world economy assumed in BoE forecasts, but neither is assured
• Now evidence that households are doing precautionary saving before Brexit
• Brexit uncertainties are weighing particularly heavily on business investment
• Reduced chance of a no -deal Brexit has pushed up sterling
• Brexit agreement reduces risk of no deal significantly
• pick up in UK growth likely to be limited by a lack of supply capacity in the economy
• New BoE Brexit assumptions assume transition occurs over 3 years vs previous much longer transition.