article_snippet: Inflation has already hit the lowest level on record - hitting just 0.3 per cent in January - but Mr Carney said it would be 'extremely foolish' to slash interest rates to try to get inflation back to inflation target rate of 2 per cent .
article_snippet: But Mr Carney yesterday insisted that it would be ‘extremely foolish’ to cut rates to counter the uncontrollable fall in global oil prices.
article_snippet: Mr Carney said it would be ‘extremely foolish’ to cut rates to counter the uncontrollable fall in global oil prices would risk adding ‘unnecessary volatility in inflation’ and that Mr Carney expects inflation to return to the Bank 2 per cent target ‘within two years’.
highlights_snippet: But Mr Carney said it would be 'extremely foolish' to slash interest in response .