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Bank of England likely to help economy after no-deal Brexit - Carney

Video Credit: Reuters Studio - Duration: 01:39s - Published < > Embed
Bank of England likely to help economy after no-deal Brexit - Carney

Bank of England likely to help economy after no-deal Brexit - Carney

Bank of England Governor Mark Carney said on Tuesday the BoE would probably give more support to the economy if it suffers the shock of a no-deal Brexit.

David Pollard reports.

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Bank of England likely to help economy after no-deal Brexit - Carney

On a day when UK lawmakers were being offered a new series of votes on Brexit, Bank of England governor Mark Carney was appearing before UK lawmakers with a pledge of help.

(SOUNDBITE) (English) BANK OF ENGLAND GOVERNOR, MARK CARNEY, SAYING: "We will provide all the stimulus we can subject to delivering price stability." Carney was speaking of what the Bank would do if the UK crashes out of the EU without a transitional deal on March 29th.

One measure, he said, would be to speed up liquidity operations around the Brexit date.

But he warned that a likely sharp fall in sterling - plus new tariffs, disruption to trade and lower investment by companies - could stoke inflation.

(SOUNDBITE) (English) BANK OF ENGLAND GOVERNOR, MARK CARNEY, SAYING: "We have an ability to provide support even in those circumstances, subject to bringing inflation back sustainably to target.

So we'll do what we can but we shouldn't oversell what we can do." This was one day when a sinking pound wasn't a problem.

Sterling soared past one dollar 32 in early trading - its highest since October on reports that prime minister Theresa May would rule out a no-deal Brexit.

In the event, what she promised lawmakers was a vote mid March on a motion to request a - quote - 'short' Brexit delay if they rejected her Brexit deal.

Some analysts say a short delay is already priced in.

Others see potential for it to add to uncertainty for UK markets.

Sentiments which later trimmed the pound's gains.




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