Bank of England chief: Firms not ready for no-deal Brexit

November 29, 2018 - 3:22 am

LONDON (AP) — The governor of the Bank of England says most British businesses aren't ready for a no-deal departure from the European Union.

Mark Carney told the BBC on Thursday that "less than half of businesses have initiated" contingency plans designed to protect operations in the event Britain leaves the 28-nation bloc without an agreement on future trading relations.

When asked if businesses are ready, Carney said "as best as we can tell, the answer is no."

The comments come as lawmakers from all parties are criticizing the agreement Prime Minister Theresa May negotiated with the EU, increasing the likelihood of a no-deal Brexit. Carney warned Wednesday that a no-deal departure would trigger a recession more severe than the one that followed the 2008 financial crisis.

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