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Bank of England Governor Mark Carney is now delivering his comments on the recently published Financial Stability Report.

Key quotes (via Reuters)

  • UK not fully prepared for a cliff-edge Brexit.
  • Monetary policy can do little to offset potentially significant hits to productivity that Brexit could entail.
  • Our  job is not to hope for the best but prepare for the worst.
  • Disorderly Brexit scenario set out by BoE is worst case of an unlikely scenario.
  • Proportion of businesses that have activated contingency plans is a fraction of businesses as a whole.
  • For many businesses it is very difficult to plan for border frictions.