Mark Carney, governor of the Bank of England, said that it was wrong to think that the UK could leave without a Brexit agreement and keep existing trade agreements Simon Dawson/ReutersThe governor of the Bank of England has directly challenged Boris Johnson’s claim that Britain could continue tariff-free trade with Europe after a no-deal Brexit. In a shot across the bows of the frontrunner in the Tory leadership race, Mark Carney gave warning that World Trade Organisation rules could not be used to protect existing trading relations. Mr Carney said that tariffs on exports from the UK to Europe would be automatic under the WTO’s General Agreement on Tariffs if Britain left the European Union without an agreement. “The Gatt rules are clear,” he said. “Gatt 24 applies if you have a [withdrawal] agreement, not if you’ve decided not to have an agreement, or you have been unable to come to an agreement.

Source: The Times June 21, 2019 08:02 UTC