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Bank of England Will Give View on Brexit Deal, Carney Says

Tuesday, Jul 17 2018
Bank of England Will Give View on Brexit Deal, Carney Says

Mark Carney thrust the Bank of England into the Brexit debate again, saying he’ll give a thumbs up -- or down -- to any divorce deal that Prime Minister Theresa May reaches with the European Union. “We will have to give our view on whether or not the arrangements are consistent with our ability to fulfill our statutory responsibilities,” the BOE governor said Tuesday, testifying to lawmakers on the Treasury Committee in Farnborough, U.K. The central bank is responsible for maintaining monetary and financial stability.

Leaving the EU with no deal in place would have a major impact on the economy and the central bank is preparing contingency measures for that scenario, he added. While the bank has no seat at the Brexit negotiating table, it does have a role in providing advice. Carney has made warnings on Brexit in the past, though they are now particularly salient as the prime minister’s Conservative Party remains split on how to deliver the divorce. Time is running out, with just three months left before an October deadline to secure an exit deal ahead of the country’s formal departure in March.

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