Mark Carney: 150,000 firms not fully ready for no-deal Brexit

first_imgBut the speech was overshadowed by an incident in which Tory MP Mark Field appeared to grab a climate change protestor and forcibly eject her from the room. “But it doesn’t mean they are fully ready, in fact far from it,” he added. James Warrington Carney last night spoke at the annual Mansion House bankers’ and merchants’ dinner in the City, in what was likely his last ever speech at the famous event. whatsapp Mark Carney: 150,000 firms not ready for no-deal Brexit The Bank of England governor said the companies still did not have the necessary paperwork and while many had built up contingency stocks, these would only last “weeks”. Carney also rejected a claim by Tory leadership frontrunner Boris Johnson, who said the UK could secure a 10-year grace period to avoid paying EU trade tariffs after a no-deal Brexit. The Bank of England boss instead stated the return of trade tariffs on goods shipped to the EU would be “automatic”. The outgoing governor praised Facebook’s proposed global payments system and said the Bank will carry out a stress test on financial institutions to see how they would cope with a climate crisis. “Business will be reliant on what the governments are able to do in order to keep the ports open, the trade flowing,” he told the BBC’s Today programme. LONDON, ENGLAND – JUNE 20: Governor of the Bank of England Mark Carney delivers a speech during the annual Mansion House dinner on June 20, 2019, in London, England. Greenpeace volunteers wearing red evening dress with sashes reading “climate emergency” gatecrashed and disrupted the beginning of Chancellor Philip Hammond’s Mansion House speech. (Simon Dawson – WPA Pool/Getty Images) “We should be clear that not having an agreement with the European Union would mean that there are tariffs, automatically, because the Europeans have to apply the same rules to us as they apply to everyone else,” he said. Roughly 150,000 UK businesses are not ready to keep exporting to the EU in the event of a no-deal Brexit, Mark Carney has said. Read more: Mark Carney says investment funds could risk global economy amid Woodford suspension More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Read more: BoE’s Mark Carney cautiously welcomes Facebook’s new currency Libra Carney said the UK’s financial system would be resilient in the event of a no-deal Brexit, and that three-quarters of UK businesses have done as much as they can to prepare. Share whatsapp Friday 21 June 2019 8:48 am Tags: Brexitlast_img