The governor of the Bank of England, Mark Carney, has warned that most businesses are unprepared for a no-deal Brexit as he called for a transition period to be agreed.
Carney was speaking after he released analysis suggesting the UK would be tipped into a recession worse than the 2008 financial crisis if it quit the EU next March with no agreement in place.
His concerns were echoed by the main financial regulator, the Financial Conduct Authority (FCA), which said it might not be able to protect the City from suffering serious setbacks without a transition period.
Carney told BBC Radio 4’s Today programme: “We know from our contacts with business, others know from their contacts, that less than half of the businesses in the country have initiated their contingency plans for a no-deal Brexit.
“All the industries, all the infrastructure of the country, are they all ready at this point in time? As far as we can tell, the answer is no.”
via The Guardian