Carney says there is a lag between today and when growth might come

Speaking to BBC's Today programme, Mr Carney said that while the government was right to want to boost economic growth, there is a lag between today and when that growth might come. He said there was an undercutting of some institutions that underpin the overall approach - so not having an OBR forecast is much commented upon and the government has accepted the need for that but that was important. The Bank has a goal to keep inflation at 2%. Interest rates have been lifted by the Bank to cool inflation, and prices are rising at their fastest rate in four decades. Since the mini-budget, some economists believe that interest rates could rise faster and higher, to as much as 6% by next May.

While it is not usual for former governors to comment on current issues, his stark words will be a further blow to the government as it defends its tax cuts. Carney has stated that the fall out of these plans, by contributing to market turmoil, has consequences that may damage the economy rather than enhance prosperity.

On occasion, the Bank of EnglandBank of England has provided emergency help to deal with global shocks during times such as the financial crisis and the Pandemic. The consequences of domestic government policy are far more rare.

On Wednesday, the government continued to stand by the measures announced in the mini-budget. Treasury Minister Andrew Griffith said that they were right to grow the UK economy and that every major country is dealing with the same issues such as Russia's war with Ukraine and the effect on energy prices.

While he admitted that the global economy is going through some difficulties, he said that recent financial turmoil in the UK was a response to the government's mini-budget and that recent financial turmoil was a result of the recent financial turmoil.