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30 June 2017, 12:46 | Audrey Hill
A general view shows the Bank of England in the City of London Britain
He said: "Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC [Monetary Policy Committee] continues to lessen and the policy decision accordingly becomes more conventional". Absent a material change in the outlook, and consistent with its stated policy for a standard risk environment and of moving gradually, the FPC expects to increase the rate to 1% at its November meeting.
Carney said the boom in vehicle loans is a major factor behind the pick-up in consumer debt, but that he remained "sanguine" about the banking sector's overall exposure to it.
The Bank of England has told banks to set aside an extra £11.4 billion to protect the economy from a financial crash as auto finance and credit card debt lending continues to "increases rapidly". However, he insisted also that Britain's banking sector was strong, and "significantly" more resilient since the financial crisis of nearly a decade ago.
Connor Campbell, a financial analyst at trading firm Spreadex, said the market reaction appeared overdone as investors ignored the fact that Carney had "made it clear a lot of things. need to move in the right direction" for rates to rise.
The pound jumped by well over a cent after Carney's comments to hit $1.2971, its strongest since June 9, the day of the results of Britain's parliamentary election. In December 2016, a Times survey predicted the bursting of the bubble with economists projecting prices could fall by 7-10% within a year, not least because securing a mortgage is set to become harder.
These will help "mitigate the risks to financial stability as the withdrawal process unfolds", it said.
It spiked above $1.30, having not reached that level since 25 May, before some of the gains came off. "I think (a rate hike) will ultimately depend on how the data unfolds and what developments we see in terms of Brexit negotiations".
According to the Bank of England (BoE), the number of loans approved by banks and building societies edged slightly higher from April's 65,051 to 65,202 last month, ahead of forecasts for a reading in the 64,000 region.
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