Mark Carney, the Governor of the Bank of England, has warned that the possibility of a no deal Brexit is “uncomfortably high”, RTE has reported.
Carney stated to BBC Radio Four that the UK Financial System has vastly increased its liquidity over the past several years in order to be able to absorb other potential economic shock, which a no deal Brexit would bring.
The Bank of England Governor went on to warn that the price of goods and food will spike in the event of a no-deal split between London and Brussels which will take place deal or no deal on March 19th, 2019, the UK’s Guardian reported.
Governor Carney’s remarks led to the value of the Pound Sterling dropping sharply to under $1.30.