Carney 'will risk higher inflation to boost growth'

Incoming Bank of England Governor Mark Carney intends to place economic growth at the top of his priority list when he takes on his new role.

In a speech made to the World Economic Forum in Davos, Carney (pictured) said he is willing to see higher inflation for longer in order to boost the economy, the Telegraph reports. Carney, who was revealed as surprise choice for the top job at the Bank in November, said although price stability is key, he will tolerate inflation being above target while the economy remains weak. Inflation is currently running at 2.7% against the Bank of England’s 2% target. Some economists have argued the Bank’s loose monetary policy is contributing to inflationary pressures and have called for an inc...