BoE Carney Warns UK Business Not Ready for No Deal Brexit

The governor of the Bank of England, Mark Carney, has warned that most businesses are unprepared for a no-deal Brexit as he called for a transition period to be agreed.

Carney was speaking after he released analysis suggesting the UK would be tipped into a recession worse than the 2008 financial crisis if it quit the EU next March with no agreement in place.



His concerns were echoed by the main financial regulator, the Financial Conduct Authority (FCA), which said it might not be able to protect the City from suffering serious setbacks without a transition period.

Carney told BBC Radio 4’s Today programme: “We know from our contacts with business, others know from their contacts, that less than half of the businesses in the country have initiated their contingency plans for a no-deal Brexit.

“All the industries, all the infrastructure of the country, are they all ready at this point in time? As far as we can tell, the answer is no.”

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza