Bank of England to release EU membership report on Wednesday

[LONDON] The Bank of England will release a report on Wednesday that will explain how Britain's membership of the European Union affects the central bank's ability to manage the economy and protect the country's banking sector.

The report is due to be released at 1700 GMT when Governor Mark Carney is scheduled to deliver a speech.

Prime Minister David Cameron has promised to hold a referendum on whether Britain stays in the European Union before the end of 2017. In May, the BoE let slip that it was looking at the implications of Britain leaving.

Cameron is trying to renegotiate the terms of Britain's EU membership and has not yet set a referendum date. But supporters and opponents of membership have started campaigning, and are sure to take a close look at the comments from the BoE.

A speech by Carney on currency unions delivered before Scotland's independence referendum in 2014 was cited by opponents of independence as a reason why Scotland would be unable to keep on using the pound if it split from Britain.

REUTERS