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Bank of England Governor Mark Carney on Friday reiterated that the bank had the tools to adjust the monetary policy in either direction as appropriate in the event of a no-deal.

“It’s always better to have a period of transition for a major change such as Brexit,” Carney told The Economist in an interview. “It is a considerable risk in the event of no deal.”

Carney’s remarks failed to help the British pound and the GBP/USD pair, which slumped to its lowest level since January at 1.2480 earlier in the session, was last down 0.57% on the day at 1.2504.