Brexit
Bank of England’s Mark Carney warns Britain of no-deal ‘economic shock’
'You have got to recognise this could go quite badly. We are 45 days before the possibility of it.'
London — Bank of England governor Mark Carney said on Tuesday that Britain should be under no illusions about the likely shock to its economy if it leaves the European Union next month without a transition deal to ease the shock. The UK is on course to leave the European Union on March 29 without a deal unless Prime Minister Theresa May can convince the bloc to amend the deal she agreed to in November and then sell it to sceptical British MPs. "You have got to recognise this could go quite badly. We are 45 days before the possibility of it," Carney said, answering audience questions after a speech at a Financial Times event. "We shouldn't be under any illusions — I'm not going to put a point estimate on it — but a no-deal, no-transition Brexit would be an economic shock for this economy." A no-deal Brexit would "certainly" deliver a hit in the short term to Britain's economy, Carney said, adding that a weaker currency would not solve its problems.
Asked by a Brexit-supporting ...
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