Brexit: UK economy not ready for no deal, Mark Carney says

[Algernon Moncrieff]

Large parts of the British economy are not ready for a no-deal Brexit, Bank of England governor Mark Carney has said.

Fewer than half of businesses have initiated contingency plans, Mr Carney told BBC Radio 4's Today programme.

He said the UK would need a transition period to adapt to whatever form of exit from the EU that Parliament chose.

He denied that the Bank's warning that no-deal could lead to a UK recession was intended to scare people into backing his favoured form of Brexit.

BBC

[triron]

1. What does this mean?

[Algernon Moncrieff]

2. Right now, May has a Brexit deal that is unlikely to pass Parliament

The Brexit deal is like a divorce agreement. Without the agreement that the EU has approved passing Parliament, Britain heads for no-deal (uncontrolled) Brexit. The head of the Bank of England is essentially saying that Parliament needs to approve a deal, or when the deadline comes in March, Britain will have no-deal Brexit and far greater economic consequences.

[msongs]

3. one can take the chunnel train but to get off at desination gotta have a passport and go thru

passport checks

[Algernon Moncrieff]

4. But going the other way, it's one Passport stop in Paris and then on to the rest of Western Europe.

The Schengen convention is a beautiful thing.