October 20, 2018
Finance

Mark Carney sounds fresh Brexit warnings

LONDON — Bank of England Governor Mark Carney on Tuesday again voiced concerns around a “no-deal” Brexit scenario.

On Tuesday, the governor took questions on the BoEs latest financial stability report from the parliaments Treasury select committee and said British people would be “less well off” if the U.K. crashes out of the EU.

According to a Reuters report, Carney went on to say, “it would be a material event for interest rates if Britain leaves the European Union next year without a deal to smooth its departure. Our job is to make sure we are as prepared as possible.”

Carney also said he “could not predict which direction rates would move in the event of a no-deal Brexit, [and] it was too soon to judge the governments proposals for Brexit published earlier this month,” according to the report.

The parliamentary hearing, which was held at Farnborough in southern England at the annual international airshow, was initially livestreamed via Youtube, instead of the usual parliament TV channel, but soon interrupted due to technical difficulties.

It was the first time the powerful Treasury committee held a witness session outside Westminster. POLITICO understands MPs were visiting the airshow to speak to businesspeople about Brexit and small business financing as part of their work on ongoing inquires.

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