Newsnight’s Economics Editor BenChu_ clears up the confusion over what is happening to Britain's economy on: 📈 Borrowing costs 💰 Pension funds 🏦 Interest rates ⚖️ UK national debt/GDP
Mr Carney also said that the government's mini-budget showed it was "working at some cross-purposes with the Bank in terms of short-term support for the economy".
Since the mini-budget, some economists believe interest rates could rise faster and higher, to as much as 6% by next May. The Bank of England has been forced to inject billions of pounds into bond markets. That is after a plunge in their value threatened the viability of the pensions funds that manage workers' retirement pots.
But while Mr Carney conceded that the global economy is "going through some difficulties", he said that over the last week "developments have centred around the UK" and that recent financial turmoil was a response to the government's mini-budget. His successor as governor, Andrew Bailey, declined to comment on Thursday on whether the Bank would make further interventions.
He added: "This is a robust system, this is a resilient system, it has had a big knock but it will move forward."
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