House prices could plummet due to no-deal Brexit, says Carney

Bank of England Governor Mark Carney speaks during a media conference to present the central bank's quarterly Inflation Report in London. Carney has agreed to extend his period as governor by six

Interest rates now stand at 0.75 per cent, the highest since the financial crisis, after the Bank's Monetary Policy Committee (MPC) raised them again in August. Carney, a former Goldman Sachs banker, has run the BoE since 2013.

"The appropriate policy response is not automatic and will depend on the balance of the effects on demand, supply, and the exchange rate", Carney said on Friday.

The decision to raise or cut rates after a chaotic Brexit would not be made by Mr Carney alone - it is the nine-person MPC that would decide.

The Bank of England has kept its main interest rate on hold at 0.75 per cent as policymakers await developments in Britain's looming exit from the European Union. "Any other outcome from the meeting would be a significant surprise to markets".

"With Brexit negotiations heating up, the BoE will more than happy to drift into the background, having come under fire for its views in the past", Craig Erlam, a senior market analyst at OANDA, said in an email.

The Bank signalled last month that rates would need to rise by around a quarter point a year over the next two or three years to bring inflation - now running at 2.5% - back to target.

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Bobby Brown, 50, with his granddaughter Lyric, 1, during a power outage in Florence, South Carolina, U.S., September 14, 2018. Hurricane Florence was about 485 miles southeast of Wilmington, N.C., with maximum sustained winds of 130 mph.

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It could, however, provide an update on its Brexit planning.

The bank's forecasts for the British economy over the coming years have been based on the assumption that there will be a "smooth" adjustment to the country's future trading relationship with the EU.

Meanwhile, France's Europe minister Nathalie Loiseau, in London for talks with Brexit Secretary Dominic Raab, warned that Paris could halt major transport links with the United Kingdom in the absence of a Brexit deal.

The bank's meeting comes just two days after it was announced that Governor Mark Carney has extended his stay at the helm of the central bank until early 2020.

The Bank said economic growth is on course to beat expectations for the third quarter thanks to a bumper July, but it cautioned over "greater uncertainty" on Brexit. He was previously set to leave next summer.

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