Banks Are Preparing For House Prices To Fall By A Third After Brexit metro.co.uk

House prices falling by a third, interest rates soaring by more than 4% and the economy going into recession – it’s the prediction from the Bank of England on what will happen in the event of a no deal Brexit.

BOE boss Mark Carney made the dire warning today that there is an ‘uncomfortably high’ risk that Britain will leave the European Union without a deal and it could have devastating consequences.After his comments, the pound sterling plunged to an 11-day low against the dollar.

Speaking to BBC Radio 4’s Today programme, Mr Carney said that the event of no deal was ‘highly undesirable’ and that Britain and the EU should do everything possible to avoid it.‘I think the possibility of a no deal is uncomfortably high at this moment,’ he said.

‘Our job is to look at what could go wrong and what we could do to make sure that the bank is in a robust position so it lessens the impact of a no deal Brexit.