BREXIT FALLOUT
Brexit fallout: UK economy to be hit if no trade deal
London — Britain’s economy will grow more slowly in the short term if the country fails to secure a future trading deal with the EU after Brexit, Bank of England (BoE) governor Mark Carney said on Sunday. Asked in an interview with ITV television if Britain’s economy would take a hit if there is no Brexit deal, Carney said: "In the short term, without question, if we have materially less access [to the EU’s single market] than we have now, this economy is going to need to reorient and during that period of time it will weigh on growth." British business investment should be booming now, given the strength of the world economy and other factors, but it was just growing instead. This is because of the uncertainty about the outcome of the Brexit negotiations, he said. The BoE on Thursday raised interest rates for the first time since 2007, before the start of the global financial crisis, but sterling fell sharply as the central bank said it expected only "very gradual" rate rises ahead...
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