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Markets move as regional daily lands Mark Carney scoop

A regional daily managed to move the currency markets today after landing an exclusive interview with the new Governor of the Bank of England

The Yorkshire Post published an interview with new Canadian-born governor Mark Carney in today’s edition after he spoke to the paper during a visit to Leeds yesterday.

Mr Carney told the Post he saw no need for more stimulus for the economy given the gathering pace of the recovery.

It had an immediate impact on the currency markets, with the pound rising 0.4pc against the dollar to $1.6135 at 6am in London.

The interview was followed up in the Daily Telegraph which attributed the increase in the value of sterling to Mr carney’s comments to the paper.

Ashley Highfield, chief executive of YP publisher Johnston Press tweeted:  “Yorkshire Post moves global financial markets! And Daily Telegraph kind enough to acknowledge.”

In the interview, Mr Carney also moved to quell fears among regional business leaders that his new ‘forward guidance’ policy could trigger interest rate rises while some parts of the country are still struggling to recover from the economic downturn.

The Bank has said it will consider increasing the cost of borrowing when unemployment falls to 7pc nationally.

Mr Carney told the paper: “[We are] well aware that the level of unemployment in the region is nearer to 9pc than it is to the national average of 7.7pc.

“But this is a policy for the UK as a whole and the point is that businesses and households understand that we are not going to look to raise interest rates until we see the economy really growing.

“Using that 7pc unemployment threshold is the point at which we begin to think about tightening.

“That should be consistent with growth broadening across the UK, including, very importantly, to Yorkshire.”

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  • September 30, 2013 at 8:49 am
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    What next I wonder..? ‘ Leeds Tripe Shortage Sparks Global Meltdown’ :)

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