Carney is now in a session with the Irish central bank
- Says that it is not a prediction but something the BOE needs to prepare for
- Whatever form Brexit takes, would expect UK and Irish economies to remain influenced by global economy developments
The market has been harping on a potential plunge in UK house prices following Carney's comments overnight in the Cabinet meeting on Brexit. He made a mention that house prices could fall back to levels not seen since 2004 if a disorderly Brexit is seen and that has sparked some nervousness about the UK housing market.
But it must be said that what Carney is saying here and yesterday is all about trying to frame a worst-case scenario on Brexit. It isn't that this is what will happen. For all we know, it could be better but it could also be worse. He doesn't have all the answers and neither do we.
