Carney: No-deal Brexit won't hurt economy as hard as first feared

Bank of England governor hails 'real progress' in preparations

Bank of England governor Mark Carney has said that a no-deal Brexit will not hit the UK economy as badly as originally feared, as preparations for a disorderly exit have shored up the economy.

Carney said "real progress" had been made in this area since last November, although he reiterated there are "material risks" to economy if the UK crashes out of the European Union on 31 October without a deal. According to The Guardian, Carney told MPs on the Commons Treasury committee: "There is real progress on the ground, there is real progress in the financial system, and that has some positive knock-on effect on confidence and financial markets as a whole." Last November, the central bank issued a warning that a disorderly exit from the EU could cut Britain's GDP by 8% by trigge...