BoE to 'take all necessary steps' over virus

The Bank of England will "take all necessary steps" to support the UK economy from coronavirus fallout, governor Mark Carney said Tuesday, as G7 finance ministers readied a coordinated response.

Carney's comments come as global stock markets experience heightened volatility, with the deadly Covid-19 having killed more than 3,100 people and infected over 90,000.

"The Bank of England's role is to help UK businesses and households manage through an economic shock that could prove large but will ultimately be temporary," Carney told a panel of British lawmakers, two weeks before he steps down as BoE chief.

"The bank will take all necessary steps to support the UK economy and financial system, consistent with its statutory responsibilities," Carney said Tuesday.

"We are monitoring the situation closely across all our functions and ensuring all necessary contingency plans are in place." Carney added that BoE policymakers had met Monday to "review a range of macroeconomic and financial system scenarios and their implications, and they will continue to meet as needed and will act as appropriate".

The outgoing governor added that he was in "continual contact" with his successor Andrew Bailey, who takes over on March 16.

Later Tuesday, Group of Seven finance ministers and central bank chiefs hold coronavirus talks amid concerns that the epidemic could imperil the health of the global economy, despite top European officials moving in recent days to calm such fears.