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  HOME | Business & Economy (Click here for more)

Bank of England Warning Sounds Familiar

LONDON – According to British media reports on Friday, Bank of England Governor Mark Carney told government ministers that an abrupt and messy divorce from the European Union could hit United Kingdom house prices, cost people their jobs and push up interest rates and inflation.

This scenario sounds a lot like the shock the BOE used in November in its annual health-check of the British banking system, which tested banks’ balance sheets in the event of a 33 percent drop in house prices, a rise in unemployment to 9.5 percent and an increase in the BOE’s benchmark interest rate to 4 percent.

The BOE stressed that this wasn’t a forecast for what would happen in a no-deal Brexit, but rather a worst-case scenario that showed banks could withstand almost anything Brexit might throw at them.

 

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