BoE lowers forecasts amid 'cascade' of Brexit uncertainty

The UK economy isn’t ready for a no-deal, no-transition Brexit, Bank of England Governor Mark Carney said, adding that the probability of such an outcome has increased

7th February, 2019
Bank of England Governor Mark Carney speaking to the media. Pic: Getty

Carney was speaking after the central bank delivered a pessimistic view of the UK’s outlook, forecasting growth this year at the lowest since 2009, while predicting a dramatic slump in investment and lowering its prediction for pay gains. The “fog of Brexit” is also creating tensions, Carney said.

The UK is now just 50 days away from a March 29 deadline to leave the European Union, and an agreement for its new...

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