June 22, 2020 / 8:00 AM / 19 days ago

Ex-BoE governor Carney sees need for greater investment after COVID

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

LONDON (Reuters) - Former Bank of England Governor Mark Carney said there would need to be greater public and private investment as the economy came out of the coronavirus slump, to counteract potential consumer weakness and meet longer-term environmental goals.

Carney, now an advisor to the British government on the United Nations COP26 climate summit next year, said the economy was only just beginning to come out of the slump caused by COVID-19, and it was too soon to know the long-term damage.

“Consumer attitudes and narratives are unlikely to be as aggressive, and borrowing - apart from necessary borrowing - is unlikely to be as high. There is going to be a need for public and private investment,” he told the BBC.

Reporting by David Milliken, editing by Estelle Shirbon

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