Mark Carney warns of instant shock from no-deal Brexit

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A no-deal Brexit would result in an instant shock to the UK economy, the governor of the Bank of England, Mark Carney, has warned.

Items such as petrol and food would become more expensive if the UK leaves the EU without an agreement, he said.

He predicted the value of the pound would fall in response to what he described as a “real economic shock”.

“The change in trading relationship means that real incomes will be lower,” he told the BBC’s Today programme.

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