Thread by @CommonsTreasury

Later this morning, we're taking evidence from Mark Carney and his colleagues from the @bankofengland.

As well as the latest Financial Stability Report, we'll also ask questions suggested by you from #AskTheGovernor.

📺 Watch it live at 09:30 here: bit.ly/32fUVIW

@bankofengland Our evidence session with Mark Carney and the @bankofengland is just about to start, and we'll be live tweeting it using #AskTheGovernor.

📺 Watch it live here➡️ bit.ly/32fUVIW

@bankofengland We're underway with Mark Carney and the @bankofengland. Interim Chair @CatMcKinnell opens by thanking everyone who submitted questions to #AskTheGovernor, and to @MoneySavingExp for promoting it.

@bankofengland @CatMcKinnell @MoneySavingExp First question sent in by Jack Findlater to Mark Carney: "When will your successor be recruited and hired?"

Mr Carney said that there is ample time to ensure an orderly transition to the next Governor, and plenty of good candidates.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp .@CatMcKinnell asks the Governor to set out the differences between the MPC and FPC.

MPC: To keep inflation low, stable and predictable.

FPC: To ensure that banks are strong enough to serve households and businesses across the country in bad times and good.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp Sam Woods from the Prudential Regulation Authority has said that since the #Brexit vote, the PRA has been "fixing plumbing issues" in the financial services system.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp .@CatMcKinnell asks whether "shorting" the pound has an impact on financial stability.

Mr Carney said that there will be material moves in the value of the pound in the run up to #Brexit, and that the moves could go either way.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp Continuing his answer on the value of the pound, Mr Carney said that some financial institutions will correctly guess which way the value of the pound will go, but it won't cascade into the core of the financial system.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp Asked about today's news on the #Woodford Fund, Mark Carney said that it means the structure of open ended funds need changing #AskTheGovernor.

@bankofengland @CatMcKinnell @MoneySavingExp Next up is @rushanaraali: "How can #ClimateChange lead to financial instability?"

Mr Carney said there are physical risks due to extreme weather events, which are likely to increase over time, and transition risks i.e. the resilience of business models.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali Mark Carney added that the Bank of England is to be the first to stress test the financial sector to #ClimateChange.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali .@rushanaraali asks a question submitted by Lee Betteridge from Dartford: Will the FPC, MPC and PRA change their remit to support the transition to a green economy and reduce inequality?

Mr Carney said it's up to the Government, but they are expecting a change

#AskTheGovernment

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali .@rushanaraali asks a question from Hillary Corney from Hampshire: "Do you agree with @GretaThunberg, that on a finite planet, unlimited growth is a fairy tail?"

Mark Carney said he does not agree with Greta as growth can be sustainable.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg Next up @SteveBakerHW asks Donald Kohn: What are the risks that the trade war between China and the US could instigate a global recession?

Dr Kohn said that it is already having an adverse effect on global growth.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg @SteveBakerHW Asked by @SteveBakerHW whether the financial sector can withstand both a global recession and a no deal #Brexit, Mark Carney said that banks are stress tested for a no deal #Brexit and a trade war, so the @bankofengland is confident that the system should be resilient to a shock.

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg @SteveBakerHW Here's @CityAM article by @SebMcCarthy that @SteveBakerHW has just asked Mark Carney about: cityam.com/bank-of-englan…

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg @SteveBakerHW @CityAM @SebMcCarthy A question submitted by Twitter asked by @SteveBakerHW: What UK bank stress tests have been done factoring in potential capital flight resulting from no deal #Brexit?

Mr Carney said that the bank stresses the worst case scenarios so that we can sleep at night.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg @SteveBakerHW @CityAM @SebMcCarthy A question from Mr Goldspink from Hull: To what extent has quantitative easing increased house prices?

Mr Carney said that affordability is mainly driven by supply and demand.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg @SteveBakerHW @CityAM @SebMcCarthy Next up is @Alison_McGovern asking about @Facebook's new #Libra currency.

Donald Kohn said that the @bankofengland is taking it seriously. It's challenges are that it's international and it could scale up very quickly.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg @SteveBakerHW @CityAM @SebMcCarthy @Alison_McGovern @Facebook .@Alison_McGovern says that the public expect some people may make a lot of money out of Brexit. Are they right?

Mr Carney said that some in the financial market will, whatever direction Brexit takes, but they will be outnumbered by those who will become poorer.

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg @SteveBakerHW @CityAM @SebMcCarthy @Alison_McGovern @Facebook .@Alison_McGovern asks a questions from Fraser Danbury: Can the FPC be replaced with an algorithm?

Mr Carney said that no banks have been replaced by algorithms, and that it won't happen at the @bankofengland during his period as Governor.

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg @SteveBakerHW @CityAM @SebMcCarthy @Alison_McGovern @Facebook .@Alison_McGovern asks a question submitted by email: why is there not a 50:50 ratio of men to women on the MPC?

Mr Carney said it's not the @bankofengland that chooses who is on the MPC, but there are policies at the Bank of England to improve its own diversity

#AskTheGovernor

@bankofengland @CatMcKinnell @MoneySavingExp @rushanaraali @GretaThunberg @SteveBakerHW @CityAM @SebMcCarthy @Alison_McGovern @Facebook And that's it! Thank you to everyone who submitted questions to #AskTheGovernor.