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Union will cushion North Sea shock, says Carney

Bank of England Governor Mark Carney has admitted that Scotland's economy is likely to be hit by the falling price of oil, due to the prominence of the North Sea energy industry, but he is confident that most of the effects will be offset by the country's position in the Union. Speaking to the Treasury select committee of MPs, Mr Carney also repeated his claim that the current low level of inflation is unlikely to turn into a problem, and distanced it from the current deflation gripping the eurozone. He said he agreed with European Central Bank officials that more stimulus measures were needed in the single currency region to return to an appropriate level of inflation, and said he had confidence that it had the ability to make this happen.

 

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