BoE's Carney: UK not fully prepared for a cliff-edge Brexit

Bank of England Governor Mark Carney is now delivering his comments on the recently published Financial Stability Report.

Key quotes (via Reuters)

• UK not fully prepared for a cliff-edge Brexit.
• Monetary policy can do little to offset potentially significant hits to productivity that Brexit could entail.
• Our job is not to hope for the best but prepare for the worst.
• Disorderly Brexit scenario set out by BoE is worst case of an unlikely scenario.
• Proportion of businesses that have activated contingency plans is a fraction of businesses as a whole.
• For many businesses it is very difficult to plan for border frictions.