Risk of no-deal Brexit ‘uncomfortably high’: BoE governor
Risk of no-deal Brexit ‘uncomfortably high’: BoE governor
RBI rate hike worries real estate sector
04 August, 2018, 11:39
LONDON - The pound fell below $1.30 against the dollar on Friday morning after Bank of England Governor Mark Carney said there was an "uncomfortably high" chance that Britain will leave the European Union without a deal. "It is highly undesirable, parties should do all things to avoid it", Carney said during an interview on BBC Radio 4's Today Programme.
"People will have things to worry about in a no deal Brexit, which is still a relatively unlikely possibility but it is a possibility".
Mortgages The Bank's rates have been held at record lows for almost a decade after they were cut as an emergency measure during the financial crisis - this week's rise will take rates above 0.5 per cent for the first time since March 2009 and could mark the end of almost a decade of low borrowing costs. Officials say there is a growing chance no deal will be struck before the United Kingdom leaves in March.
Most economists think that would cause serious harm to the world's No.5 economy as trade with the EU, Britain's largest market, would become subject to tariffs.
Mr Carney said: "UK growth in the second quarter is estimated to have rebounded as expected, consistent with the MPC's judgment that the slowdown in the first quarter reflected the weather not the economic climate".
"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".
His comments drew the ire of Brexit campaigners, who have long criticized Carney for sounding downbeat.
On Thursday, the Bank of England raised interest rates to a new post-financial crisis high of 0.75%, but signalled it was in no hurry to raise them further.
"That's not a prediction, that's not a guarantee, but that's not a bad rule of thumb given the current state of the economy and the momentum in the economy", he said. [PA] Mr Carney said Brexit was a cloud on the horizon, but added the bank is "well prepared for whatever path the economy takes, including a wide range of potential Brexit outcomes". Interest rates on mortgages and personal loans have never been cheaper.
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The two leaders did not specifically mention auto tariffs in their statements, keeping the focus on other industrial products. Most analysts were relieved that the US and European Union had pulled back from the brink of automotive tariffs.
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