“In the event of no deal, the exchange rate would go down for a period of time, and the area of the economy where that instantly translates into prices is in the forecourt of the petrol station and in food and veg,” Mr Carney said
Bank of England cuts forecast in 1st warning of no-deal EU exit//AIWA! NO!
The Bank of England governor has rubbished a key Boris Johnson claim for avoiding economic damage after a no-deal Brexit, in a severe blow to the Tory leadership favourite.
Mr Johnson dismissed fears about crashing out of the EU by arguing the UK could still enjoy tariff-free trade under what is known as “Gatt 24”, until a permanent agreement was struck. But Mark Carney pointed out the trade law could only be invoked if there was an agreement in place – and the central point of a no-deal Brexit was the absence of a deal.
“The Gatt rules are clear. Gatt 24 applies if you have a [withdrawal] agreement, not if you’ve decided not to have an agreement, or you have been unable to come to an agreement,” he told the BBC.
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