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  1. ITV Report

Mark Carney: Expect market and economic volatility after Brexit

Mark Carney addressing the British public. Credit: ITV News

Britain has been warned to expect "some market and economic volatility" in the wake of the Brexit vote.

Bank of England Governor Mark Carney said there will be a period of uncertainty and adjustment but insisted the bank was "well prepared".

After news of Brexit emerged, more than £100 billion was wiped off the FTSE 100 as the index fell more than 7%, while the pound also crashed 8% against the US dollar.

Speaking after David Cameron announced his resignation as prime minister, Mr Carney said:

  • it will take time for the UK to establish new relationships with Europe and the rest of the world
  • Britain can expect economic volatility
  • he has remained in close contact with chancellor
  • The Bank of England will not hesitate to implement necessary measures

Mr Carney - who had suggested Brexit could spark recession - was attempting to calm nerves and project stability, our deputy political editor said.

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