Bank of England Governor Mark Carney gave his backing to a Brexit deal struck by British prime minister Theresa May, saying the alternative of leaving the European Union with no transition could be akin to the 1970s oil shock. “We have emphasised from the start the importance of having some transition between the current arrangements and the ultimate arrangements,” Carney said, speaking to lawmakers on Tuesday (20). “So we welcome the transition arrangements in the withdrawal agreement … and take note of the possibility of extending that transition period.” May agreed with Brussels last week on a deal for Britain’s…
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