Mark Carney downgrades Brexit as no longer the biggest risk to the financial system


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Brexit is no longer the biggest risk to the UK financial system, the Bank of England Governor has declared.

According to Sky News, Mark Carney shared that the economy was growing more strongly than he or the rest of the Monetary Policy Committee had expected in the wake of the referendum.

Mr Carney commented:

Mark Carney

Strictly speaking, the view of the committee is no”, adding: “In the run up to the referendum, we felt it was the largest risk because there were things that could have happened which had financial stability implications.

Actions were taken to mitigate that, but having got through the day after, the scale of the immediate risks has gone down.

The Bank of England Governor added that the risks associated with the post-departure transition were greater for the continent than for the UK, but echoed comments from Bank chiefs that a transitional deal would help reduce volatility in the coming months.

Mr Carney warned about a potential recession and, with other MPC members, voted for lower interest rates and more quantitative easing in the summer.

However, far from facing a recession, the economy grew at the same speed in the three months after the vote as it did in the three months before it.

 

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Mark Carney downgrades Brexit as no longer the biggest risk to the financial system

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