Home Brexit Pound falls after Carney issues ‘no-deal’ Brexit warning

Pound falls after Carney issues ‘no-deal’ Brexit warning

by Purvai Dua
3rd Aug 18 8:43 am

Bank of England Governor Mark Carney told media today that there is an “uncomfortably high” risk that Britain leaves the EU with no deal. Carney also spoke about the need for a transition deal in the interests of both the UK and the EU.

Carney told the BBC: “I think the possibility of a no deal is uncomfortably high at this moment. Our responsibility in the other half of the bank – our job is to look at what could go wrong and what we could do to make sure that the Bank is in a robust position so it lessens the impact of a no deal Brexit.

“We have made sure that banks have the capital, the liquidity that they need and we have the contingency plans in place… if there were to be a no deal Brexit.. A no deal Brexit is highly undesirable.”

Sterling fell to an 11-day low against the dollar to $1.2980 following the comments.

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