Pound dives as Bank of England rules out rate rise amid weak UK growth
by Phillip Inman, Larry Elliott and Patrick Collinson from on (#115CV)
Currency traders react to Mark Carney's downbeat assessment by selling pound to $1.42, its weakest since March 2009
The Bank of England governor has sent the pound into a nosedive after he ruled out an early rise in interest rates, saying UK growth was still too weak and pointing to recent turmoil in the global financial markets.
Speaking in London as the International Monetary Fund (IMF) downgraded its forecast for global growth this year, Mark Carney said the UK faced "a powerful set of forces" that prevented policymakers from raising rates. "The world is weaker and UK growth has slowed," he added.
Related: No set timetable for rate rise, says Carney, as UK inflation hits 11-month high - live
Related: IMF cuts global growth forecasts
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