Risk of Britain leaving European Union without a deal is 'uncomfortably high;' Carney

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Jacob Rees-Mogg, who leads the Conservative pro-Brexit European Research Group, said: "Mark Carney has always been the high priest of Project Fear, whose reputation for inaccurate and politically motivated forecasting has damaged the reputation of the Bank of England".

Brexit negotiations are "entering a critical phase", he said, speaking ahead of a meeting between British Prime Minister Theresa May and French President Emmanuel Macron later on Friday.

The Governor promised that the UK's financial system would be able to withstand the shock of a chaotic departure from the European Union next year - but said it would lead to price rises because of disruption to established trade patterns.

Carney said Friday that "the possibility of a "no deal" is uncomfortably high at this point".

"The possibility of a no deal at the moment is uncomfortably high".

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"Our job is to look at what could go wrong, what are the bad outcomes that could happen... so it lessens the impact of a bad deal, a no-deal Brexit in this case", he said. He told the BBC that a no-deal Brexit would mean disrupted trade and higher prices and was "highly undesirable".

"We have been planning for very hard circumstances and the banks are ready", Mr Carney said.

During the interview, Carney also cited the scenario from the Bank of England's last stress test - the annual test to make sure Britain's banks could handle a financial crisis and economic downturn - which suggested that in a no deal scenario, the United Kingdom could fall into a recession and see unemployment more than double to 9%.

Mr Carney said the banks had built up reserves to guard against a financial crisis.

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