Mark Carney

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Bank of England governor says food prices could rise by 5-10% if Brexit is disorderly.
The Bank of England governor Mark Carney tells a committee of MPs food prices could rise by 5-10% if Brexit is disorderly.

Mark Carney's key message

Back in the other MP hearing, Bank of England governor Mark Carney is still giving evidence on his recent Brexit scenarious alongside the rest of his team.

Over two hours in he says he has one key message.

"The core of the financial system is resilient and it's ready for Brexit whatever it takes," he says.

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Will cars cost more post Brexit?

cars
PA

Mark Carney says cars will cost more post Brexit, but at this stage it's difficult to say by how much.

"The direction of travel is clear. The size [of the price increase] will depend on the nature of the withdrawal," he says.

Carney appears before Treasury Committee

Mark Carney
BBC

The Treasury Committee hearing into Brexit has started, with Bank of England governor Mark Carney giving evidence.

Mr Carney kicks off by explaining the difference between a forecast and a scenario.

He says a scenario "is not the most likely thing to happen", instead it is a situation based on assumptions and economic models.

The UK banking system has the resilience to cope with the worst case scenario, he said.

Bank of England governor Mark Carney says the UK is not ready for a no-deal Brexit
Bank of England governor Mark Carney says the UK is not ready for a no-deal Brexit.