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Interest rate decision among Brexit uncertainty



Bank of England's interest rate decision and financial forecasts come as Prime Minister Theresa May meets EU leaders in Brussels. She seems to convince the block to consider making legally binding changes to the Brexit agreement.

"Brexit's fog creates excitement in financial markets," said Mark Carney during a press conference on Thursday.

"Now, how these tensions are reconciled when the fog lifts will have consequences for the path of monetary policy in ways that cannot be predicted in advance," he added.

The Irish "backstop" problem – some of an insurance policy designed to prevent a difficult border between the Republic of Ireland and Northern Ireland if there is no trade agreement between the UK and the EU ̵

1; will be the main theme of debate.

May search for changes in the backstop arrangement in the Brexit agreement (known formally as the "recall agreement") due to widespread objections to it in the British parliament.

"There is an upside. If there is clarity in the deal before, and we know which direction we have headed before, and there is a smooth transit to that destination … we would expect the economy to get even more than in this forecast, Carney said.


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