Brexit: Carney on the fence - Investec

Research Team at Investec, notes that the Brexit debate rolls on as yesterday Bank of England Governor Mark Carney and his Deputy Governor for Financial Stability Jon Cunliffe testified in parliament.

Key Quotes

“While the pair highlighted Brexit as the greatest domestic risk to financial stability and spoke of the likelihood that a number of major institutions will relocate on a Brexit vote, they went to great lengths to stress the Bank of England are impartial and will not express an opinion on the referendum.

They also denied Downing Street had contacted them or leaned on them in any way. Instead they focused on the few knowns to them such as the exit process and avoided committing to any detail. The Pound was quite unaffected by the proceedings.”