March 11, 2020 / 10:36 AM / in a month

Signs of retail slump helped to spur BoE action, Carney says

Mark Carney, Governor of the Bank of England (BOE) speaks during a news conference at Bank Of England in London, Britain March 11, 2020. Peter Summers/Pool via REUTERS

LONDON (Reuters) - Bank of England Governor Mark Carney cited anecdotal evidence showing a slump in Britain’s retail sector as a reason why the central bank needed to stimulate the economy in a shock move on Wednesday.

“We have anecdotal evidence that we’re building up through our agency network and our direct contacts with businesses, where we have seen a sharp fall in trading conditions, particularly in retail, consumer discretionary items over the course of the last week,” Carney told a news conference

“Even prior to that we were beginning to see supply chain disruptions in the manufacturing sector as well.”

Reporting by Andy Bruce, editing by Estelle Shirbon

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