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BoE in talks with UK Treasury over no-deal Brexit scenario

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BoE in talks with UK Treasury over no-deal Brexit scenario

Bank of England is in talks with the British Treasury over additional powers it may need to smooth any financial disturbances that may result in case of a no-deal Brexit, Bloomberg News reported Jan. 16, citing Mark Carney, the U.K. central bank governor.

Carney iterated that most of the required powers on a no-deal Brexit have already been granted to the central bank, with the remaining few needed to be obtained before the March 29 deadline for the U.K.'s proposed exit from the EU.

The governor also played down the importance of short-term market fluctuations, though the pound's rebound following the British Parliament's rejection of Theresa May's proposed Brexit deal suggests a no-deal scenario is unlikely, the report said.

The Bank of England chief, testifying before lawmakers on the financial stability report, confirmed that all seven of the U.K.'s largest lenders passed their stress tests, the newswire added.

In November 2018, the British central bank warned that a no-deal Brexit could see the U.K. GDP fall by as much as 10.5% over a five-year period.