4 September 2019

The Bank of England’s governor, Mark Carney, has told the Treasury Select Committee, that a cliff-edge withdrawal would see the economy shrink by 5.5% rather than the 8% slump previously predicted in November, meaning a no-deal Brexit is now “less severe” thanks to preparations made since the end of last year.

His comments come as the cross-party committee of MPs published the Bank’s updated analysis of the impact of different Brexit scenarios, following its controversial report in November last year.