LONDON (Reuters) – The Bank of England is likely to carry out further interest rate increases over the next three years if Britain avoids a Brexit shock and the economy perform as the central bank expects, BoE Governor Mark Carney said.

“In that environment, potentially an environment with unemployment going to the lowest level seen since the very early 1970s … there would be some increases in interest rates, in other words more than one,” Carney told British broadcasters after the BoE kept interest rates on hold earlier on Thursday.

He also said Britain’s economy was likely to rely less on spending by consumers to drive growth if the country left the European Union without a major economic shock, but investment by companies was likely to fall further in the meantime.

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