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Carney: Brexit "a litmus test" for global finance

Friday, April 07, 2017 - 01:43

The Bank of England Governor, Mark Carney, calls for ''the high road'' to be taken in UK-EU negotiations or risk harming financial globalisation. Sara Hemrajani reports.

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Brexit - a test for the global financial system. That's the view of one of Britain's top policymakers. Bank of England Governor Mark Carney is calling on the UK and EU to build bridges, not barriers. Soundbite: Mark Carney, Bank of England Governor, saying (English): "Now how the Brexit negotiations conclude will be a litmus test for responsible financial globalisation. Let me be clear, we start from a position where the high road is both readily attainable and highly desirable for all involved. This high road leads to more jobs, higher sustainable growth, and better risk management across the G20." Carney has asked financial firms to draft their plans for dealing with all possible outcomes of the UK's impending departure. Those scenarios must be presented to the Bank of England by July 14th. Soundbite: Mark Carney, Bank of England Governor, saying (English): "I will say for the vast, vast majority of firms located in the City of London and across the UK, that's exactly what they have been doing - they have been putting in place quite sophisticated contingency plans, at some cost to them I fully recognise but they're doing their job. Now it's a little uneven, that's part of the reason, given the triggering of Article 50, why we're writing to all firms to get them to all rise to the same standard." Carney hailed London as "Europe's investment banker". But many banks are concerned that Britain and the EU won't reach an agreement - and that's prompting them to look at moving staff to other European cities.

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Carney: Brexit "a litmus test" for global finance

Friday, April 07, 2017 - 01:43