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Carney says risk of no-deal Brexit now ‘alarmingly high’

Carney says risk of no-deal Brexit now ‘alarmingly high’

Business
By James Sillars, business reporter Mark Carney has told Sky News the risk of a no-deal Brexit is now "alarmingly high", branding suggestions such a scenario could be managed as "absolute nonsense".In an exclusive interview with Sky News, the governor of the Bank of England defended its gloomy forecasts for what a cliff-edge Brexit would mean and denied they amounted to scaremongering. He said the Bank's thinking on the issue - which included predictions of an economic shock - had been demanded by a committee of MPs and involved the work of hundreds of staff, including its economists.He told Sky's Samantha Washington that a shock continued to be his view, despite "real progress" in preparations by businesses, government agencies and the Bank itself.Comme...
Brexit: Mark Carney warns of no-deal 'economic shock'

Brexit: Mark Carney warns of no-deal 'economic shock'

Business
Media playback is unsupported on your device Bank of England governor Mark Carney has urged MPs to solve the Brexit impasse in a speech warning of growing threats to the global economy. He said a no-deal Brexit would create an "economic shock" at a time when China's economy is slowing and trade tensions are rising."It is in the interests of everyone, arguably everywhere" that a Brexit solution is found, he said. The Bank has already cut its UK growth forecasts, partly due to Brexit issues. In a speech at the Barbican, in London, Mr Carney said trade tensions and Brexit are "manifestations of fundamental pressures to reorder globalisation", and that quitting the bloc could undermine global expansion."It is possible that new rules of the road wi...
FA 'appalled' by rape & death threats to England's Carney

FA 'appalled' by rape & death threats to England's Carney

Sports
Warning: Some readers may be offended by the content in this articleThe Football Association has urged police to tackle abuse on social media after rape and death threats were made to England midfielder Karen Carney.Chelsea's Carney, 31, received the messages on Instagram after Wednesday's Champions League win over Fiorentina.The user has been removed from Instagram, with the FA saying it is "appalled" and "dismayed", but Carney will not be reporting it to police. England boss Phil Neville described the messages as "absolutely disgraceful".Chelsea said they were "abhorrent and totally unacceptable".The posts began: "How many chances you need to score in second half bitches" before making rape...
Brexit: Carney warns no-deal could see house prices plunge

Brexit: Carney warns no-deal could see house prices plunge

Business
The Bank of England's governor has warned the cabinet that a chaotic no-deal Brexit could crash house prices and send another financial shock through the economy.Mark Carney met senior ministers on Thursday to discuss the risks of a disorderly exit from the EU.His worst-case scenario was that house prices could fall as much as 35% over three years, a source told the BBC.The warning echoes some of the Bank's previous comments.The Bank of England routinely carries out "stress tests" to check whether the banking system can withstand extreme financial shocks.Its latest one was conducted in November, when it said a 33% fall in house prices could occur in a worst-case scenario. Several reports said that the Bank governor also told the Downing Street meeting tha...
Carney: House prices may fall by a third in 'no-deal' Brexit

Carney: House prices may fall by a third in 'no-deal' Brexit

Business
Bank of England governor Mark Carney has warned ministers that a "no-deal" Brexit could see house prices crash by a third, Sky sources say. Briefing Theresa May and her top team in Downing Street, Mark Carney laid out three different scenarios the Bank believes could come to pass if Britain leaves the EU without a withdrawal agreement.The worst case scenario would see Britain go into recession, a slump in the value of the pound and a crash in house prices.Sky's political editor Faisal Islam said a source characterised the governor's comments as "not a prediction, a worst case scenario", adding Mr Carney's comments were received "respectfully" by those around the cabinet table. ...