{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Bank of England says can delay bringing inflation to target' data-url='/boclips/videos/5c54d603d8eafeecae2002e6' data-video-url='/boclips/videos/5c54d603d8eafeecae2002e6' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBank of England says can delay bringing inflation to target\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eBank of England Governor Mark Carney says the central bank can extend the time over which it returns inflation to target.              Addressing an audience to reflect on 20 years of the bank's independence, Carney said Thursday that...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eBank of England Governor Mark Carney says the central bank can extend the time over which it returns inflation to target.\u003cbr/\u003e              Addressing an audience to reflect on 20 years of the bank's independence, Carney said Thursday that bringing inflation back to target \"too rapidly could cause undesirable volatility in output and employment.\"\u003cbr/\u003e              Inflation in Britain is running at an annual rate of 2.9 percent.\u003cbr/\u003e              That's above the bank's target of 2 percent and there's mounting speculation the bank may raise its main interest rate from the record low of 0.25 percent in November.\u003cbr/\u003e              In a speech following Carney's, British Prime Minister Theresa May warned against rejecting the free market and returning to protectionist policies, saying it would \"lead to a wider loss of faith in free markets and risk a return to the failed ideologies of the past,\" hurting the poor and most vulnerable especially. \u003cbr/\u003e              May also spoke about Brexit saying it would change the country's relationship with the EU as it loses membership of the single market. \u003cbr/\u003e              She said the government's task was to find a new framework that allowed for a closer economic partnership, \"but which holds those rights and obligations into a new and different balance.\"\u003cbr/\u003e            \u003cbr/\u003e\u003cbr/\u003e              UK POOL \u003cbr/\u003e              London - 28 September 2017\u003cbr/\u003e              1. Governor of the Bank of England Mark Carney and British Prime Minister Theresa May entering room\u003cbr/\u003e              2. SOUNDBITE: (English) Mark Carney, Governor of the Bank of England:\u003cbr/\u003e              \"And since 2013 the remit has explicitly recognized that in exceptional circumstances bringing inflation back to target too rapidly could cause undesirable volatility in output and employment. In exceptional circumstances such as today, when the economy is facing profound structural change, the MPC (Monetary Policy Committee) can extend the horizon over which it returns inflation to target from above in order to balance the effect on jobs and activity. After all, even though monetary policy cannot prevent the weaker real income growth that's likely to accompany the transition to new trading arrangements with the EU, it can influence how this hit to incomes is distributed between job losses and price rises.\"\u003cbr/\u003e              ++BLACK FRAMES++\u003cbr/\u003e              3. SOUNDBITE: (English) Mark Carney, Governor of the Bank of England:\u003cbr/\u003e              \"Monetary and financial stability are foundational. They're necessary for prosperity but they aren't sufficient to deliver it. The biggest determinants of the UK is medium term prosperity will be the country's new relationship with the EU and the series of reforms that that relationship catalyzes. Most of the necessary adjustments are real in nature and therefore not in the gift of monetary policy makers. But the bank will do everything it can to support the adjustment consistent with its statutory obligations. We'll continue to assess and express our independent assessment of the risks associated with Brexit. We'll use all our powers consistent with our remits to mitigate those risks and to smooth the adjustment to new opportunities.\"\u003cbr/\u003e              ++BLACK FRAMES++\u003cbr/\u003e              4. SOUNDBITE: (English) Mark Carney, Governor of the Bank of England:\u003cbr/\u003e              \"Monetary policy will continue to be set to achieve the inflation target in a way that helps smooth real adjustment and supports jobs in the wake of very large external forces. We'll make sure that banks are capitalized so they can withstand any severe shock, however unlikely, any severe shock that could be associated with Brexit, and still be able to meet the demands of households and businesses for credit.\"\u003cbr/\u003e              ++BLACK FRAMES++\u003cbr/\u003e              5. SOUNDBITE: (English) Theresa May, British Prime Minister:\u003cbr/\u003e              \"Now some argue that a free market economy is an end in itself and that drawing attention to the downsides is somehow anti-business. Others would use the imbalances which are now apparent as a justification for the total rejection of the free market economy which has done so much to improve our lives. Instead they advocate ideologically extreme policies which have long ago been shown to fail which are failing people today in places like Venezuela. My argument has always been that if we want to preserve and improve a system which has delivered unparalleled benefits you have to take seriously its faults and all you can to address them. Not to do so would put everything we have achieved together as a country at risk. It would lead to a wider loss of faith in free markets and risk a return to the failed ideologies of the past. A return to protectionism in international trade and to inflationary policies at home, far from somehow protecting the poorest and most vulnerable in our society, that outcome would surely hurt them the most.\"\u003cbr/\u003e              ++BLACK FRAMES++\u003cbr/\u003e              6.SOUNDBITE: (English) Theresa May, British Prime Minister:\u003cbr/\u003e              This is a crucial time to address these fundamental economic questions. Last week in Florence I set out my vision for the New Economic Partnership I want our country to build with the European Union in the years ahead. That vision is rooted in a belief in a well-regulated open free market economy with sound money and stable prices. As I set out, in leaving the EU the UK will no longer be members of the single market or customs union. That of course would mean changes. You cannot have all the benefits of membership of the single market without its obligations. So our task is to find a new framework that allows for a closer economic partnership, but which holds those rights and obligations into a new and different balance. In forging that partnership, that new partnership, we start from an unprecedented position. At the point of our exit we would have exactly the same rules and regulations as the EU as our EU withdrawal bill will ensure they are carried over into our domestic law. The challenge then is not how to bring our rules and regulations closer together but what to do when one of us wants to make changes. That fact should give us confidence and I believe that a further good reasons to be ambitious and optimistic about what lies ahead.\"\u003cbr/\u003e              7. 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