November 27, 2018 / 12:42 PM / 5 months ago

UK government and Bank of England to give Brexit reports on Wednesday

FILE PHOTO: A sign is displayed outside the Bank of England in London, Britain August 4, 2016. REUTERS/Neil Hall/File Photo

LONDON (Reuters) - The Bank of England and the British government will deliver their assessments of the economic impact of Brexit on Wednesday as Prime Minister Theresa May tries to overcome deep opposition to the deal she struck with Brussels.

BoE Governor Mark Carney and Chancellor Philip Hammond have both stressed the importance of a transition period to ease Britain out of its four-decade membership of the EU, something which could be lost if parliament votes against the deal.

The BoE said on Tuesday it would publish its assessment of the monetary and financial stability implications of the withdrawal agreement along with other possible Brexit scenarios, at 1630 GMT on Wednesday.

Carney said earlier this month that the impact of leaving the bloc with no transition period could be akin to the 1970s oil crisis.

He and other senior officials at the central bank have also warned investors not to count on cuts to interest rates in the event of a no-deal shock to the economy.

Separately on Wednesday afternoon, the government will publish its economic analysis of a range of different Brexit scenarios, a spokesman for May said.

Earlier this month the government bowed to pressure from MPs to publish the analysis, including comparing May’s Brexit deal to remaining in the EU, before parliament votes on the deal on Dec. 11.

Alongside its Brexit analysis, the BoE will publish its regular Financial Stability Report and results of its 2018 stress tests of banks in Britain, later than a previously planned release time of 0700 GMT.

The Financial Conduct Authority, Britain’s financial markets regulator, will publish its own Brexit impact report at 1630 GMT on Wednesday too.

Reporting by David Milliken and Huw Jones, Writing by William Schomberg, Editing by Angus MacSwan

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