The value of the pound fell Friday after Bank of England Governor Mark Carney said the risk of Britain leaving the European Union without a deal is "uncomfortably high."
Divorce talks between Britain and the EU have stalled amid feuding within UK Prime Minister Theresa May's government about how close an economic relationship to seek with the bloc after Brexit. Officials say there is a growing chance no deal will be struck before the UK leaves in March.
Mrs May was meeting French President Emmanuel Macron at his official holiday retreat in southern France on Friday for talks on Brexit, as she tries to overcome domestic and European opposition to her plans for future trade ties.
Mr Carney said that "the possibility of a 'no deal' is uncomfortably high at this point." He told the BBC that a no-deal Brexit- in which Britain would lose its tariff-free access to EU markets- would mean disrupted trade and higher prices.
"It is highly undesirable," he said. "Parties should do all things to avoid it."
The pound fell about 0.2 percent to below $1.30 just after the comments. The currency has lost more than 15 per cent of its value against the dollar since Britain voted in 2016 to leave the EU.
The Bank of England raised its benchmark interest rate Thursday from 0.50 percent to 0.75 percent, the highest level in almost a decade, amid low unemployment, rising wages and increasing inflation. But with uncertainty about Brexit weighing on the economy, Mr Carney said future rate rises were likely to be "limited and gradual."
Mr Carney said on Friday that the Britain's banks were resilient enough to continue lending after a no-deal Brexit. He said a stress test last year had gauged lenders' resilience in the event of a one-third fall in real estate values, interest rate increases of 4 percentage points and 9 percent unemployment — though he said that was not meant as a prediction of what would happen after Brexit.
"We have been planning for very difficult circumstances and the banks are ready," Mr Carney said.
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Read more:
Bank of England raises key rates but indicates no hurry for another rise
Britain’s car industry cautions: no-deal Brexit is our nightmare
Jeremy Hunt: No deal Brexit could happen by accident
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
The%20specs
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Golden Shoe top five (as of March 1):
Harry Kane, Tottenham, Premier League, 24 goals, 48 points
Edinson Cavani, PSG, Ligue 1, 24 goals, 48 points
Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
The%20specs
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Race card
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m
9pm: Handicap (TB) Dh105,000 (T) 2,410m
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
