BoE's Ramsden: Brexit talks are at key milestones

Economy 10/12/2018, 5:54 PM
BoE's Ramsden: Brexit talks are at key milestones

Dave Ramsden, the Bank of England's deputy governor, warned domestic businesses to be quick and thorough in contingency planning for the possibility of a disruptive, so-called cliff edge Brexit. The Northern Echo quoted the rate-setter responsible for markets and banking on Friday as noting there is risk an arrangement won't be reached with the European Union. "Some key milestones" are looming in the talks and companies in the United Kingdom must be serious about their contingency strategy, he said.

However, major British lenders have enough capital in reserve to keep running even in the worst scenario, Ramsden said. Turning to the interest rate outlook, he reiterated any increases would be limited and gradual. The policymaker added markets see two or three more years of tightening and as many hikes. "The labor market does well" as the economy is still expanding, in his words.

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