The Bank of England is pushing ahead with plans for transitional arrangements after Brexit negotiations in an attempt to protect financial institutions from a cliff edge deal that could undermine their stability. Brexit supporters cast Carney as a member of an elite that will campaign behind the scenes by placing administrative roadblocks in the way of a quick exit. Carney was facing criticismfor spending almost £100,000 of taxpayers’ money on the Bank of England’s annual summer party, just weeks after the Brexit vote. The governor and about 2,500 Bank staff, policymakers and their families attended its annual summer sports day, at a cost of £99,035 to the public purse. The TaxPayers’ Alliance branded the party a “huge slap in the face to all those who have struggled under the Bank of England’s policies”.

Source: The Guardian November 27, 2016 19:32 UTC