Bank of England Governor wants clarity on Brexit, 150,000 UK firms not fully ready for no-deal

Mark Carney, the Governor of the Bank of England, has said that a no-deal Brexit should be a choice taken with “absolute clarity” about what it would mean for Britain’s economy.

Carney, who has previously warned about the economic impact of a no-deal Brexit, made the comment in an interview with the BBC, an excerpt of which was broadcast on Friday.

The two contenders to replace Theresa May as the next British prime minister have said they are prepared to take the country out of the European Union without a transition deal, if necessary.

Carney added that about 150,000 businesses still do not have the paperwork they need to keep exporting to the EU in the event of a no-deal Brexit.

The Bank of England governor said that many had built up contingency stocks, but these would only last “weeks”.

“Business will be reliant on what the governments are able to do in order to keep the ports open, the trade flowing,” he told the Today programme.

But he said the financial system was prepared for a no-deal scenario.

Via BBC