MPC vote 9-0 against a rate rise; Carney warns on Brexit
Governor of the Bank of England Mark Carney has warned strongly against Britain leaving the EU, saying that it could lead to a “technical recession”.
The statement came as the Monetary Policy Committee made their monthly monetary policy announcement yesterday. The committee voted 9-0 to keep rates at their record low in the face of mounting uncertainty over Brexit.
Mark Carney has come under criticism from the Leave campaign for voicing his opinions, with many calling for him to resign; Conservative MP Jacob Rees Mogg called his actions “unprecedented”, arguing that speculating over the effect on sterling is “not what responsible central bankers do”.
Apple shares sink as demand slows
Apple shares dropped dramatically yesterday to their lowest price in nearly two years, after a report suggested Taiwanese manufacturers should expect fewer orders this quarter.
Stocks were down over 3 percent in late afternoon trading, dropping below $90. They then recovered to close down 2.37 percent.
The company are seeing slowing demand around the globe, particularly in Asia, with product releases slowing.
Germany sees strong growth in Q1
The German economy grew by 0.7 percent between January and March, more than doubling the rate of the previous quarter.
Higher state and household spending combined with increased investment in construction pushed the economy forward, offsetting a slowdown in foreign trade.
Unadjusted data showed the economy expanded by 1.3 percent on the year in early 2016,
