Mark Carney: Sea change

Speech by Mr Mark Carney, Governor of the Bank of England, at the Local Government Association Annual Conference and Exhibition 2019, Bournemouth, 2 July 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
12 July 2019

It is a pleasure to join this Local Government Association (LGA) conference. The LGA supports councils across the country as they deliver local solutions to national problems, helping them to build the skills they need and ensuring the voice of local government is heard at the national level.

My only regret is not being able to enjoy the beaches for which Bournemouth is rightly famous. The closest I will get is using a nautical analogy - a sea change.

A sea change is a profound transformation. The term was originally coined by Shakespeare in The Tempest, of which there are five productions across Dorset this summer. These productions will mix tragedy and comedy in a play whose themes range from magic and creation to betrayal and revenge.

My focus is more limited and prosaic - but also more immediately relevant to your work. In recent months, there has been a sea change in financial markets driven by growing concerns over the global economic outlook. I will assess these global developments before turning to what they may mean for the UK's economic prospects.