Although he said that the Bank does not believe household debt “poses an imminent threat to stability” because lending levels are “more responsible than in the past,” he added the warning: “But we have seen time and again how quickly responsible can turn to reckless, creating risks that ultimately derail the economy.”



Although Carney was careful to avoid any mention of the impending referendum on Scottish independence, he make it clear that the entire UK faced the same risks. He said that the housing market poses a threat to “everyone from Land’s End to John O’Groats, including those that do not own their homes.”



He added that the task of recovery needed a united front from "the UK, the Commonwealth and the world."