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His remarks pushed down the pound against the dollar (GBP/USD) to below $1.30, amid fresh fears about the impact of Brexit on the United Kingdom economy and the slow pace of interest rate rises in the years ahead.

Carney stressed that banks could cope with house prices to falling by a third, interest rates rising by more than four per cent and the economy going into recession.

With less than eight months until Britain quits the European Union, the government has yet to agree a divorce deal with Brussels and has stepped up planning for the possibility of leaving the bloc without any formal agreement. "It is highly undesirable, parties should do all things to avoid it", Carney said during an interview on BBC Radio 4's Today Programme.

The BoE said the economy "could be influenced significantly by the response of households, businesses and financial markets" to news on Brexit.

Mr Carney said: "We have been planning for very hard circumstances and the banks are ready".

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But the message for interest rates remained one of gradual and limited increases as the central bank saw inflation only a fraction above its 2 percent target over the next few years.

"That's not a prediction, that's not a guarantee, but that's not a bad rule of thumb given the current state of the economy and the momentum in the economy", he said.

But it also said inflation - now running at 2.4 per cent - was set to rise slightly higher than it had predicted in May's set of forecasts after recent falls in the value of the pound and higher energy prices. "Our responsibility in the other half of the bank - our job is to look at what could go wrong and what we could do to make sure that the Bank is in a robust position so it lessens the impact of a no deal Brexit".

"We have made sure that banks have the capital, the liquidity that they need and we have the contingency plans in place, " he said.

"The financial system will be ready", he said, so that people would not have to worry about about their money in the bank and be able to get loans.

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The Bank of England pushed interest rates above their financial crisis lows on Thursday but signalled it was in no hurry to raise them further with an uncertain Brexit on the horizon.

The BoE said Britain's economy, while growing more slowly than in the past ahead of Brexit, was operating at nearly its "speed limit", or full capacity, raising the prospect of more home-grown inflation pressure ahead.

Even so, the Bank has faced criticism for raising interest rates at this time.

"We've already done the stockpiling", he said.

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