A NO Deal Brexit won’t be as bad as first thought, according to the Bank of England governor and the boss of German business. Mark Carney said the Government’s accelerated contingency planning had reduced the economic damage that could follow a no deal exit. In November the Bank of England warned that Britain would be tipped into a recession worse than the financial crisis in a no deal scenario – with GDP falling by 8 per cent. But yesterday Mr Carney told the Lords Economic Affairs committee that “constructive developments in terms of preparedness” meant the economy may be 2 to 3.5 per cent lower than expected. Meanwhile Dieter Kempf, head of Germany’s biggest industry group the BDI, said delaying Brexit could be even more damaging than no deal. He said: “The Brexit issue hurts us a lot in Germany and the Netherlands. Our economies are hit hard.“My experience is that the economy can live better with bad conditions than with uncertainty.” Mr Carney warned that no deal was still likely to deliver a “material economic shock”. But he said: “Since we released those scenarios in November there have been some constructive developments in terms of preparedness – some of… Read full this story
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