Extreme Brexit could be worse than financial crisis for UK: BoE 0 SHARES Share it! Hours after the government issued its own stark warning about a no-deal Brexit, the BoE said the economy could shrink by as much as 8 percent in about a year. The BoE said the “disorderly” scenario — involving severe delays at UK borders and financial markets’ loss of confidence in British institutions — was not its base case. In the worst-case Brexit, rates could rise to 5.5 percent — a level last seen in 2007, before the financial crisis — from the current base rate of 0.75 percent. Andrew Sentance, a former BoE interest rate setter, challenged the BoE over its worst-case scenario.

Source: Manila Bulletin November 29, 2018 00:00 UTC