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Financial News: No Deal, No Transition Brexit Biggest Risk To

No Deal, No Transition Brexit Biggest Risk To UK, Says BoE's Ramsden

05/30/2019 - 04:46:00 (RTTNews)

(RTTNews) - Bank of England Deputy Governor Dave Ramsden said a Brexit outcome of no deal and no transition is unarguably the biggest risk to the UK economy and financial stability.

This would have large negative economic effects, he said at the Inverness Chamber of Commerce, on Thursday.

Ramsden said he is more pessimistic on GDP growth forecast than his colleagues on the monetary policy committee. The banker sees more downside risks to productivity and he is less optimistic about the recovery in investment.

"Those two risks broadly offset each other in terms of the balance of demand and supply, meaning that my best guess for inflation, and the outlook for policy, is in line with the central view," said Ramsden.

In case of a disorderly no deal Brexit scenario, Ramsden said it is impossible to predict exactly what would happen in advance. "I would want to wait and see how the situation unfolded," he added.

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