View all newsletters
Sign up to our newsletters

Support 110 years of independent journalism.

  1. Business
  2. Economics
24 June 2016updated 27 Jul 2021 2:00pm

“We are well-prepared for this“: Bank of England Governor Mark Carney’s post-Brexit reassurance

“The Bank has put in place extensive contingency plans.” 

By Anoosh Chakelian

The Governer of the Bank of England Mark Carney has made a statement to calm market fears, following Britain’s vote for Brexit.

He said:

“The people of the United Kingdom have voted to leave the European Union. Inevitably, there will be a period of uncertainty and adjustment following this result. But as the Prime Minister said just this morning, there’ll be no initial change in the way our people can travel, and the way our goods can move, or the way our services can be solved. And it will take some time for the United Kingdom to establish new relationships with Europe and the rest of the world. So some market and economic volatility can be expected as this process unfolds.

“But we are well-prepared for this. Her Majesty’s Treasury and the Bank of England have engaged in extensive contingency planning, and the Chancellor and I have remained in close contact, including through the night and this morning. To be clear, the Bank of England will not hesitate to take additional measures as required, as markets adjust, and as the UK economy moves forward.

“Those economic adjustments will be supported by a resilient UK financial system, one that the Bank of England has consistently strengthened over the course of the last seven years. The capital requirements of our largest banks are now ten times higher than before the financial crisis. And the Bank of England has stress-tested those banks against scenarios far more severe than our country currently faces. As a result of these actions, UK banks have raised over 130bn in pounds of new capital, more than £600bn of high-quality, liquid assets. So why does this matter? Well, that substantial capital and huge liquidity gives banks the flexibility they need to continue to lend to UK businesses and households, even during challenging times . . .

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com Our Thursday ideas newsletter, delving into philosophy, criticism, and intellectual history. The best way to sign up for The Salvo is via thesalvo.substack.com Stay up to date with NS events, subscription offers & updates. Weekly analysis of the shift to a new economy from the New Statesman's Spotlight on Policy team.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

“In the coming weeks, the Bank will assess economic conditions and we will consider any additional policy responses . . . The Bank has put in place extensive contingency plans.” 

Content from our partners
How to tackle the UK's plastic pollution problem – with Coca-Cola
The hard truth about soft skills
Why we need a national employment service

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com Our Thursday ideas newsletter, delving into philosophy, criticism, and intellectual history. The best way to sign up for The Salvo is via thesalvo.substack.com Stay up to date with NS events, subscription offers & updates. Weekly analysis of the shift to a new economy from the New Statesman's Spotlight on Policy team.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU