Brexit LIVE: Mark Carney FINALLY drops project fear as he admits UK ready for no deal

Posted on Jul 11 2019 - 10:32pm by admin

Mr Carney said banks are well prepared for a disorderly Brexit. However, he added, this doesn’t mean the British economy would be unscathed if the Government decided to lead the country outside of the European Union without a deal on October 31. 

Speaking at a news conference, Mr Carney said: “Financial stability is not the same as market stability. 

“In a disorderly Brexit, a range of UK asset prices would be expected to adjust sharply, tightening financial conditions for UK households and businesses.” 

The BoE noted a sharp fall in foreign investors buying commercial properties and company loans in the past months. 

READ MORE: Michael Portillo reveals Boris Johnson is equipped with ‘weapon’ to complete Brexit

brexit latest news labour party second referendum tory leadership johnson hunt

Mark Carney said British banks hold enough capital to face a no deal Brexit (Image: GETTY)

Arguing it is crucial for Britain to remain an attractive investment destination after Brexit, Mr Carney said: “There has been a deterioration in the quality of inflows that are financing the current account deficit.” 

During the press conference, Mr Carney also flagged ongoing concerns about illiquid investment funds, liquidity shocks, crypto-currencies and environmental dangers at a half-yearly update on the risks facing Britain’s banking system. 

Both the Tory leadership contestants, Boris Johnson and Jeremy Hunt, refused to rule out a no deal Brexit, with Mr Johnson adopting a “do or die” approach pledging he will deliver Brexit on October 31 with or without a deal in place. 

Follow live updates regarding Brexit below:  

2.55pm update: Amber Rudd has ‘accepted’ both Tory leader hopefuls won’t rule out a no deal exit 

The Pensions Secretary has often spoken against a no deal Brexit. 

However, she has now accepted the next leader of the Conservative Party may lead the UK outside of the EU without a deal.

She told Talk Radio: “Both candidates have said that no deal is part of the armory and the negotiations going forward. And I have accepted that.”

2.50pm update: Labour to back John Major’s action against proroguing Parliament 

Valerie Vaz, shadow leader of Commons, said the Labour Party would support John Major’s proposal to take Boris Johnson to court if he tried to prorogue Parliament between September and October to deliver a no deal Brexit without a debate in the Commons. 

But Mel Stride, the leader of the Commons, played down the prospect of Mr Johnson doing anything of the sort, saying: “The Government doesn’t believe that proroguing Parliament would be a desirable situation, not least it would put the monarch in an awkward position being involved in what is essentially a political decision given that it is prorogation based upon the advice of the Prime Minister but ultimately for the Queen to grant that.

“I would also say, as I think Mr Speaker you have suggested, that it seems inconceivable that parliament will not have its opportunity to ensure that it has appropriate time to debate at the appropriate time these very, very important matters for our country.”

2.11pm update: Tory whip who FORGOT to vote leaves door open to Commons blocking no deal Brexit

A video shows the moment Tory whip Jo Churchill realises she forgot to vote in a crunch House of Commons amendment tabled by former Attorney General Dominic Grieve, handing the Government a narrow Parliamentary defeat which could help Remainers to prevent a no deal Brexit.

On Tuesday, MPs voted 294-293 in favour of a change to legislation passing through Parliament which would require ministers to make fortnightly reports on progress towards re-establishing Northern Ireland’s collapsed executive. 

The decision could complicate any attempt to suspend parliament later in the year as a way to prevent MPs from trying to bar a no deal Brexit on October 31.

 Ms Churchill, the MP for Bury St Edmunds, is not featured on any of the division lists for the vote on an amendment tabled by former Attorney General Dominic Grieveon Monday night, which passed by a single vote. 

Andy Palmer Aston Martin

Aston Martin’s chief Andy Palmer (Image: GETTY)

12.50pm update: Aston Martin’s chief is bored of Brexit and argues UK can ‘cope’ with a no deal exit 

Aston Martin’s chief issued a scathing attack against the Government’s handling of Brexit and said the UK will be able to “cope” with a no deal Brexit. 

Saying he was bored with Brexit, Andy Palmer called for the Government to deliver Brexit by October 31, with or without a deal, in stark contrast with other car manufacturers who have advised against leaving the EU on WTO terms. 

He told a crowd of car industry insiders gathered in London: “We think we know how we would cope with no deal.

“We’ve planned for that. It’s not great, we’d prefer it wasn’t a no deal.” 

12.15pm update: Boris Johnson doesn’t want anyone to have a saying in what the British Government does – but agrees with Donald Trump on Brexit

When asked to comment Donald Trump’s tweet branding “foolish” the Prime Minister’s handling of the Brexit talks with the EU, Boris Johnson told Politico: “I feel… I don’t want anybody else telling us what to do.

“Or anybody else criticising our Government, I suppose is my feeling.

“But if you ask me whether I think the Brexit negotiations have been brilliantly handled, I don’t think so.” 

READ MORE: Boris in attack on May: Johnson says ‘hard to disagree’ with Trump’s ‘chaotic Brexit’ rant

boris johnson donald trump

Donald Trump branded Theresa May’s handling of Brexit ‘a disaster’ (Image: GETTY)

11.55am update: Nicola Sturgeon warns Scotland is facing the ‘most challenging’ six months Scotland has seen in years 

Nicola Sturgeon renewed calls for a second Independence Referendum after launching a scathing attack against the UK Government.

In a post on the SNP’s website celebrating 20 years of the Scottish Parliament, she wrote: “Scotland is a safer, more progressive, more equal country as a result of having our own Parliament.

“However, the next six months could prove to be the most challenging Scotland has faced in many years. 

“Westminster is crumbling. The UK Government has ridden roughshod over the powers our parliament already has and in Jeremy Hunt and Boris Johnson, Scotland is on the brink of getting a reckless Prime Minister we didn’t vote for, intent on delivering a hard Brexit that we voted against. 

“The SNP is clear: Scotland must have an alternative choice.

“The Scottish parliament has already backed calls for a referendum on independence and regardless of our different political persuasions, we should come together and remind the Tories that Scotland’s future should always be decided by the people who live here, not imposed upon us by an unelected prime minister of a party which has lost every election in Scotland since the 1950s.”

Nicola Sturgeon

Nicola Sturgeon launched a scathing attack against the UK Government (Image: GETTY)

11.05am update: Boris Johnson brands Donald Trump’s tweets “undiplomatic” but “finds hard to disagree” on his Brexit stance 

Asked what he thinks of Donald Trump’s tweets against Theresa May’s handling of Brexit and the UK’s former ambassador to the US, Boris Johnson said they were “undiplomatic”. 

But, asked by Politico if he was taking Mr Trump’s side, he added: “No — I think, probably, from the point of view of those of us who want to get Brexit done and make a great success of it, it would be fair to say this is a debate that’s best conducted within the UK.

“But you know – the president has his style and his approach.

“We all have our style and our approach.

“If you consult the record I have said all sorts of things about all sorts of people around the world.

“But when it comes to the context of what the president has said about the Brexit deal, I find it hard to disagree.”

10.30am update: Boris Johnson and EU’s plan to deliver Brexit on time revealed

BBC News Political Editor Laura Kuenssberg revealed the key players in the EU are discussing ways to deliver Brexit with the help of Boris Johnson and may draft a plan over the summer that could win the support of MPs in the Commons. 

The plan would entail adding “a couple of pages” to Theresa May’s Brexit agreement that could include either an extension to the transition period or Mr Johnson’s proposals in order to deliver on the promise to end the Article 50 process by October 31.

Speaking on Brexitcast, the BBC political editor said: “Last week an EU diplomat outlined this scenario to me that basically, they believe that Boris Johnson, or Jeremy Hunt, has an opportunity for a reset. 

“And it is possible, although unlikely, that over the summer the key players Macron, Merkel, Varadkar, Johnson and Juncker – who is desperate to make a deal as his legacy because he’s off too – can come up with what they describe as a couple of pages that massage, alter a bit – and I’m sure we’ll talk a lot about whether extending the transition and Johnson’s plan may be part of it and all the rest.

“So I’m not saying this is going to happen but this is what it’s being discussed.”

Boris Johnson's Brexit policy

Boris Johnson’s Brexit policy (Image: EXPRESS)

9.45am update: Lord Ashcroft backs Jeremy Hunt as next Tory leader

Tory peer Lord Ashcroft has declared his support for Jeremy Hunt as next leader of the Conservative Party.

This choice, he explained on his website, is not based on the candidates’ Brexit strategies or their chances of winning a general election, as the outcome of the Brexit talks and a vote “amount to making a series of uncertain tactical assumptions”. 

Lord Ashcroft said he chose Mr Hunt following an analysis of the work he has already done in the past. 

He wrote on his website: “The candidate to choose is the one who would, day by day, do the best job of being Prime Minister.

“That person, it follows, would be more likely to achieve the best things for the UK – whether on Brexit or anything else – and would accordingly have the stronger appeal to the electorate in an eventual election.

“Both candidates have a strong case to make: both are proper Conservatives, both are engaging, both are committed to honouring the referendum result, and both have ideas to take the country forward. So the decision about who would be the better Prime Minister comes down to judgment and instinct as much as anything else.

“I can certainly see Boris in the job, and I can see him cheering us all up, at least for a time. I don’t fear a catastrophe should he carry the day.

“But I’ve watched Jeremy for a long time, with growing respect. I’ve been impressed with the way he has handled tricky jobs in government, from the Olympics to the doctors’ strike, with calm assurance and attention to detail.

“His performance as Foreign Secretary leads me to think the public’s view that he would be the more effective leader on the world stage is well founded.

“His character and integrity are evident. In a crisis, I would want him in charge.

“And if I were employing one of them to run a big, complicated project – which is what we are doing – I would choose him.

“No disrespect to Boris – but it’s a binary choice, and that’s mine.” 

Tory leadership contest: Hustings planned

Tory leadership contest: Hustings planned (Image: EXPRESS)

8.55am update: Boris Johnson sees Donald Trump as a Brexit ‘lifeboat’ 

The Tory leader hopeful sees the US and its president, Donald Trump, as a “lifeboat” to rescue and deliver Brexit, Boris Johnson’s allies said. 

According to this description of the US, the UK could threaten the EU to leave the single market and join the North American Free Trade Alliance (NAFTA), getting closer to its historical ally across the pond than EU countries, the Spectator magazine suggested. 

This scenario would see the UK using this threat as leverage with the EU to obtain a new Brexit deal and free trade deal with the single market, saying London is ready to walk away and form an alliance with the US, the magazine continued. 

boris johnson donald trump

Boris Johnson and Donald Trump (Image: GETTY)

8.30am update: Boris Johnson could end the momentum of the Brexit Party, poll shows 

If Boris Johnson delivered Brexit by October 31 the Brexit Party vote would collapse and many Tories would switch back to the Conservative Party, a poll of Tory party members shows. 

The survey, carried out by Orb International for the Telegraph on 511 Tory members, suggests the success of the Tories at the next general elections heavily depends on the Brexit. 

If the UK left on or by the deadline, Conservative members would flock back, with 92 percent backing the Tories, the poll found.

Brexit Party backing among Conservative Party members would fall to just five percent. 

On the other hand, if Mr Johnson or Jeremy Hunt failed to deliver Brexit by the October 31 deadline, only 56 percent of Tory members would vote for the Tories.

Some 35 percent would switch their support and instead back the Brexit Party. 

boris johnson tim martin

Boris Johnson and Weatherspoon’s boss Tim Martin (Image: GETTY)

7.55am update: Nominee to replace Jean-Claude Juncker signalled she won’t reopen Brexit talks

Ursula von der Leyen, nominated to lead the European Commission, signalled she won’t be reopening Brexit talks with the next Prime Minister of the UK. 

She also labelled “precious” the Irish backstop. 

Speaking to a British Liberal Democrat MEP in the EU Parliament, she said: “I think it’s a good deal, but it is your responsibility and your noble task to sort this out.” 

She continued: “Brexit is not the end of something, Brexit is the beginning of future relations and it’s of absolute importance that we have good cooperation.” 

And she told an Irish MEP: “I think the backstop is of utmost importance and we absolutely know how crucial this nonexistent border is for you.

“Having the backstop in the Brexit deal is precious, important and has to be defended.” 

Leave A Response