March 11, 2020 / 9:37 AM / 18 days ago

Signs of retail slump helped to spur BoE action, Carney says

LONDON, March 11 (Reuters) - Bank of England Governor Mark Carney cited anecdotal evidence showing a slump in Britain’s retail sector as a reason why the central bank needed to stimulate the economy in a shock move on Wednesday.

“We have anecdotal evidence that we’re building up through our agency network and our direct contacts with businesses, where we have seen a sharp fall in trading conditions, particularly in retail, consumer discretionary items over the course of the last week,” Carney told a news conference

“Even prior to that we were beginning to see supply chain disruptions in the manufacturing sector as well.” (Reporting by Andy Bruce, editing by Estelle Shirbon)

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