Bank of England says no-deal Brexit would be worse than 2008 crisis

Britain crashing out of the European Union without a deal could trigger a deep and damaging recession with worse consequences for the UK economy than the 2008 financial crisis, the Bank of England has warned.

Raising the stakes as Theresa May battles to win support in parliament for her Brexit deal, the central bank said that failure to reach a deal with Brussels – with no transition period to a new trading relationship – could spark an immediate economic crash.

Bank of England Governor Mark Carney Warns Chance Of No Deal Brexit 'Uncomfortably High'

Mark Carney has warned the chances of a no deal Brexit are “uncomfortably high”.

The Bank of England Governor said on Friday morning such an outcome was “highly undesirable”.

Speaking to BBC Radio 4′s Today programme, he said politicians must “do all things to avoid it”.

Church Of England Divests Oilsands, Coal Investments

Oilsands companies shouldn't expect a blessing from the Church of England.

Concerns over climate change have prompted the church to divest itself of approximately $22 million (£12 million) in oilsands and thermal coal investments, it said in a Thursday news release.

It will also no longer invest in companies that obtain more than 10 per cent of their revenue from these industries.

What did rock-star banker Mark Carney do for Canada?

Mark Carney remains the man of the hour. In Britain, the Canadian who will soon head the Bank of England is lauded as a rock star of international finance.

In Ottawa, where he served for five years as Bank of Canada governor, he is routinely praised as the man who prevented the country from falling into the abyss.

Growth more important than inflation says new Bank boss as he insists they are not 'maxed out' of ideas

Incoming Bank of England governor Mark Carney has given the clearest signal yet he is willing to see higher inflation for longer to support economic growth.

Speaking at the World Economic Forum in Davos, Switzerland, Mr Carney indicated he was prepared to see inflation, which is currently running at 2.7 per cent, remain higher than the government's two per cent goal for longer if it means output can be increased faster.

He said: 'If you are coming from above [the inflation target] and you have a fiscal consolidation you might take a little longer to get back given the issues with output.'

Incoming Bank of England governor warned to stay out of British politics

The incoming governor of the Bank of England, Mark Carney, has been warned to stay out of British politics when he arrives next summer after he was found holidaying with a prominent opposition minister in his native Canada.

Carney, who was appointed by George Osborne last month to succeed Sir Mervyn King, was cleared on Monday by the Bank of Canada of breaching conflict of interest rules after reports that he considered running for leader of the Liberal party.