Economics
Carney Says U.K. Is Better Prepared for No-Deal Brexit
- BOE Governor says abrupt exit could still deliver big shock
- Carney addresses lawmakers in upper chamber of Parliament
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The U.K. has made “constructive developments” in preparing for a no-deal Brexit, though the economic impact of crashing out of the European Union would still be substantial, according to Bank of England Governor Mark Carney.
Authorities have taken steps to protect derivative markets, reduce financial risk and minimize trade frictions, while rolling over some third-country trade agreements that Britain has through the EU, Carney told a House of Lords committee Tuesday.