July 11, 2019 / 11:01 AM / 10 days ago

BoE's Carney: UK needs to stay open to avoid financing trouble

LONDON (Reuters) - Britain should do what it can to remain attractive to the international investors who fund its large current account deficit, potentially one of the economy’s major vulnerabilities, Bank of England Governor Mark Carney said on Thursday.

Earlier, the BoE said the UK is becoming more vulnerable to the risk that foreign investors could withdraw their money from Britain, which runs the biggest balance-of-payments gap in any Group of Seven country.

“What’s crucial is that first and foremost we maintain the elements that make the UK such an attractive place for investment,” Carney told reporters after presenting the BoE’s twice-yearly Financial Stability Report.

“That starts with the macroeconomic framework ... and that openness to trade and investment which has been a hallmark of this economy.”

Reporting by David Milliken and Huw Jones, writing by Andy Bruce; editing by Stephen Addison

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