Governor of the Bank of England defends its quantitative easing programme, while being quizzed by the House of Lords economic affairs committee about Brexit * Carney: Hasn’t decided how long to stay at the Bank * Carney defends QE after May’s criticism * Carney testifies: coverage starts here Earlier: * Pound drops 1% in nervy selloff * Chancellor Hammond: City at heart of Brexit talks * German business confidence rallies 5.57pm BST Carney has now finished so here are some of the key points. In the wake of criticisms from various politicians, he said INVESTORS WOULD WANT A “RISK PREMIUM” TO BUY UK ASSETS IF THE BANK’S INDEPENDENCE WAS QUESTIONED. But markets should not expect this to happen. It was up to the government to set a target for price stability which the Bank would then decide how to reach. 5.43pm BST Over to Greece, and the White House has confirmed that president Barack Obama will be visiting the country in November in what officials hope will be the biggest push yet to secure debt relief for the country. Our correspondent Helena Smith reports. Barely days after the race for the White House, the outgoing president will visit Athens on November 15 in what was described as a tour aimed at reaffirming support “for economic reforms that reduce inequality.” The US president has voiced barely disguised frustration with austerity policies he has blamed for economic stagnation and slow growth in Europe. Greek officials in the leftist-led government are hoping Obama will push for debt forgiveness when he goes on to hold talks with the German chancellor Angela Merkel in Berlin so that the Greek economy, currently locked in its worst slump in modern times, can be put on the path to recovery. Continue reading...
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