Carney Extends Term at BOE | Canadian Crude Prices Fall
Published September 11, 2018
Mark Carney agreed to stay on as governor of the Bank of England for an additional seven months, extending his stay for a second time to help steer Britain’s economy through Brexit. Carney will now remain in office until roughly halfway through a prospective transition period intended for the UK to smooth its withdrawal from the European Union.
Canada and the United States will restart high-level talks this morning on the North American Free Trade Agreement as Foreign Affairs Minister Chrystia Freeland returns to Washington in hope of making progress. The bargaining table was left on Friday without a deal following two weeks of what was described as intense, but productive, negotiations.
Unemployment in the UK remained at a low of 4% for the three months through July while wages rose more than expected, at 2.9%. While pay is now growing faster than inflation, real wages remain below their pre-crisis level. The data comes despite the continued Brexit risk for many UK based companies.
Canadian crude prices are plummeting once again; repairs were completed on Alberta’s second-biggest oil sands upgrade and production surged from the new mine.