‘Carney PULLS RUG from under sterling’ Pound CRASHES as BoE chief issues BREXIT WARNING

Friday, August 3, 2018
By Paul Martin

THE GOVERNOR of the Bank of England has claimed that the chances of a Brexit no deal are “uncomfortably high” but warned political “parties should do all they can to avoid it” during an interview on the Today programme.

Fri, Aug 3, 2018

The Bank of England raised interest rates on Thursday for only the second time since the financial crash, which will take borrowing costs to their highest levels in almost a decade.

Mark Carney has been critical of the consequences of a Brexit no-deal and, speaking on BBC Radio 4’s Today programme, the Governor warned about the impactions of leaving the EU without a deal.

Mr Carney also said a no-deal Brexit was “highly undesirable” as he warned both the UK and EU to avoid it. The pound weakened below $1.30 as he spoke and was down 0.3 percent at $1.2982 as of 8:56am.

The BBC host, John Humphrys, put the Foreign Secretary’s comments this week to Mr Carney about the UK slipping into a no-deal Brexit “by accident”.

Mr Carney said: “I think the possibility of a no-deal is uncomfortably high at this point.”

He added: “Our responsibility, and now I am moving from the bit of the bank which is responsible for interest rates to the other bit which is responsible for the financial system.

“A moment ago, I gave you a glass half full representation of where competition should go in banking.

“This other half of the bank is entirely glass half empty all of the time.

“Our job is to look at what could go wrong. What are the outcomes that could happen and what could we do to make sure the financial system is in a robust position so that it lessens the impact of a bad deal, in this case, a no-deal Brexit.

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