House prices would fall by 35% over three years after a chaotic no-deal Brexit, according to a stark briefing given to the cabinet by the Bank of England governor yesterday.
Mark Carney told senior ministers that spiralling mortgage rates would cause a crash in the housing market.
He was briefing the cabinet on the Bank’s preparations for the aftermath of leaving the European Union next March without a full withdrawal deal.
He outlined the Bank’s modelling on the EU agreeing a skeleton deal, in which a few ad-hoc arrangements would be reached, and a worst-case chaotic exit.
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