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BoE ready for all Brexit scenarios

Tuesday, Jun 27 2017
BoE ready for all Brexit scenarios

The Bank of England is preparing itself for the worst when it comes to Brexit. Mark Carney said on Tuesday that the central bank is putting contingencies in place for the possibility that Britain drops out of the European Union without any deal in just under two years time. Speaking after the bank released its twice-annual Financial Stability Report, Carney told reporters that the bank is - sensibly enough - making plans for all possible Brexit scenarios "however unlikely" to ensure it is as prepared as it can be for the country's departure from the EU, and the impact it may have on financial stability.

Carney said that the bank is planning for two possibly disruptive sets of consequences to stability caused by Brexit. First, he said, the bank must protect against the direct impacts on financial services firms, while also being prepared for any macroeconomic shock to the UK caused by leaving the European Union. "There is a range of possible outcomes for the UK's future relationship with the EU, and a number of possible paths to that relationship," Carney told reporters. "Consistent with its remit, the FPC is focused on scenarios that, however unlikely, could have the greatest impact on UK financial stability.''

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