Mark Carney has given his backing to UK Prime Minister Theresa May’s Brexit deal.
Speaking to the Treasury Committee yesterday, 20 November, the governor of the Bank of England said, “We have emphasised from the start the importance of having some transition between the current arrangements and the ultimate arrangements”. He also suggested that leaving the European Union without a transition period would be similar to the 1970s oil shock in terms of its detrimental impact on supply and added that the recent surge in Sterling volatility was here to stay until Brexit clouds clear.
Focus today shifts to EU leaders who are due to meet in five days to sign off the Brexit withdrawal deal. However, multiple news reports suggest there is plenty of discontent among the member states. For example, France wants its fishing vessels to keep access to UK waters and for Britain to sign up to conditions that would prevent the latter from undercutting European business.
Meanwhile, May is due to meet with the President of the European Commission, Jean Claude Juncker, today at 16:30 (GMT) in Brussels. Despite a lack of progress back home, she remains confident the EU will agree to her Brexit plan.
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