Carney Warns of Brexit Danger to EU If Transition Isn’t Agreed
- BOE governor reels off statistics of EU dependence on London
- ‘Consequences would be greater for Europe,’ Carney says
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Mark Carney said the European Union faces a greater financial stability danger than Britain if the country leaves the bloc abruptly, his starkest warning yet of the need for both sides to agree on a transition deal for Brexit.
The Bank of England governor, speaking to lawmakers in London on Wednesday, reeled off statistics on the dependence of the EU’s businesses on the U.K. financial services industry, echoing testimony the previous day by the chairman of HSBC Holdings Plc that called for more time than the two-year leaving period allotted by treaty.