UK Central Banker Backs Brexit Draft Agreement, Warns Of Economic Shock In Case Of No-Deal

LONDON (UrduPoint News / Sputnik - 21st November, 2018) UK central bank's governor Mark Carney on Tuesday backed the provisional withdrawal arrangement with the European Union, warning of an economic shock in the event of a no-deal Brexit.

"We welcome the transition arrangements at the heart of the withdrawal agreement... Our job is to put the financial sector in a position where it is resilient, where it can take a large shock, and this would be a large negative shock to the economy, no deal, no transition," he said.

The Bank of England governor spoke at the Treasury Select Committee hearing in parliament a week after the UK cabinet approved the Brexit draft plan that envisages a 21-month transition period with a possibility for an extension.

With just months left before the exit next March, the blueprint needs the endorsement of the UK parliament where it faces an uphill struggle after opposition lawmakers and rebel Conservatives said they would vote against it.