Bank of England’s Mark Carney warns No Deal Brexit risk is ‘uncomfortably high’

Bank of England Governor Mark Carney today sounded a stark warning against a No Deal Brexit .

The nation’s most senior economist told BBC Radio 4’s Today programme: "I think the possibility of a no deal is uncomfortably high at this point."

He added a no-deal Brexit is "highly undesirable" and leading politicians must "do all things to avoid it".

He said banks have been preparing for very difficult circumstances and “the banks are ready”.

Asked if a two-year transition period to December 2020 would be enough, he added: "We will make it enough."

This breaking political story is being updated.

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