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04 September 2019

BBC: No-deal recession less severe now, says central bank boss


A no-deal exit from the EU would probably see the economy shrink by less than previously estimated, Bank of England Governor Mark Carney has said.

Mr Carney told MPs that preparations made since the central bank's last estimate in November have softened its worst-case scenario.

A disorderly Brexit will now probably see the economy shrink by 5.5% rather than the 8% forecast before.

He said more time to prepare could cut the damage further.

Better border preparations, a temporary deal for financial services companies to access UK markets, and a deal on the market for financial insurance products, have all been put in place since November, he told the Treasury Select Committee.

"The impact of that has been to reduce the worst case scenario." [...]

Full article on BBC



© BBC - British Broadcasting Corporation


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