Bank of England Warns of Potential No-Deal Brexit Recession

Thursday 01 August, 2019 Written by Simon Collyer

RECESSION LOOMS - In its quarterly inflation report, published today, the Bank of England has warned that even with the smoothest possible Brexit there is a 1/3 chance of a UK recession.

Also published today, the IHS Markit PMI for UK Manufacturing showed that production in the sector fell to its lowest in seven years.

Bank of England 02

Image: The Bank of England.

ABC Note: Around the world things are slowing down. A No-deal Brexit could push pound to a record low the Bank of England warns. These are tricky times.

Mark Joseph Carney is an economist and banker. He holds Canadian, British and Irish citizenship and has been Governor of the Bank of England since 2013 and was Chairman of the Financial Stability Board from 2011 to 2018. Carney began his career at Goldman Sachs before joining the Canadian Department of Finance.

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