Carney warns of UK consumption led economy has downside risks ahead

Carney, the governor of the Bank of England, is making comments and said that the UK faces challenges ahead.

He states that the tolerance for above target inflation is limited. Carney goes on to say that the UK indicators suggest continued solid growth and fiscal tightening is expected to be slower and the MPC will assess these and other developments at the December meeting. Carney further stated that the UK turning its back on open markets would be a tragedy but it is a possibility. 

The pound is testing below the 1.2700 having moved just a handfull of pips on the remarks.