Mark Carney, governor of the Bank of England, was giving evidence to MPs on the Treasury select committee yesterday Getty ImagesBusiness cannot prepare for a chaotic no-deal Brexit because there is not enough warehouse space in the UK for manufacturers to stockpile goods, Mark Carney has said. The governor of the Bank of England urged the government to secure a transition to prevent a cliff-edge Brexit, regardless of a deal. “Wherever we are headed, it would serve the economy well to have a transition period towards that new world,” he said. Addressing MPs on the Treasury select committee, he also shifted the Bank’s position by signalling that an interest rate cut was more likely than a rise in the event of no-deal. Mr Carney, 53, had insisted previously that the response “could be in either direction” because the Bank could do nothing to limit logistical…

Source: The Times February 26, 2019 12:04 UTC