LONDON (AP) — The Bank of England’s new governor is taking his ideas for spurring Britain’s sluggish economy on the road.
Mark Carney is traveling to the heart of the country to convince householders and managers that interest rates will remain low and he won’t follow the U.S. in reining in its stimulus programs.
Carney used the speech in Nottingham — 110 miles north of London — to reach the backbone of the UK economy: owners of small and medium-sized businesses.
The governor says the knowledge that interest rates will stay low until the recovery is well established should give confidence to households to spend responsibly and businesses to invest wisely.
Carney is trying to kickstart the British economy, which has lagged behind competitors in rebounding from the worst recession since the 1930s.