In an interview with Daily Mail, the Bank of England (BOE) Governor Mark Carney noted that the UK business investment decline is ‘huge’.
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“The message is: We’ve got your back on the financial system. The banks, the insurance companies, the infrastructure behind these markets, they have been preparing since the referendum.”
It is virtually essential to have a Brexit transition
On the business investment decline, Carney said: “It is down 20 per cent actually, relative to where it was going to be before the referendum. It is huge. And it has an effect ultimately on the productivity of those businesses, which means it has an effect on future employment and wages.”
On easing the effects of a hard Brexit – one with No Deal and no transition period. “We will do what we can, subject to keeping inflation low, to support the economy as necessary. But we have to recognize the limits of this.”
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