Carney: What matters is what business and.......>

BOE: Carney: What matters is what business and households in the economy think.

There's a variety of ways to measure uncertainty 

- fin market uncertainty correlate with a variety of surveys - agents, PMI etc. 

PMIs are less useful for short-term but useful in mosaic theory I.e. That is

using all the info from different sources in one. Broadbent adds the Bank

monitor options markets. Carney: There is a whole chapter on uncertainties in

the Monetary Policy Report.

Carney asked what weight he would attach to a global recession. He says in 2

quarter of negative growth, that's only happened once in the past 35 years - we

are at 2.9% now so don't see that. The IMF uses a definition of per capita GDP

growth - we're a long way from that being negative. We're not that far away from

2.5% PPP weighted growth - he said he wouldn't use 3% which is sometimes used.

BoE thinks world trend growth rate is around 3.5%. If there is another leg down

in global growth we will feel that.