Bank of England governor: 150,000 firms not ready for no-deal Brexit

Bank of England governor Mark Carney has warned that around 150,000 UK businesses are not adequately prepared for a no-deal Brexit.

According to Mr Carney, hundreds of thousands of UK firms have still not got the correct paperwork needed to continue exporting to the EU following a no-deal Brexit.

The governor also stated that while many firms had built up contingency stocks in the event of leaving the EU with no deal, these would only last week.

Mr Carney explained: “Business will be reliant on what the governments are able to do in order to keep the ports open, the trade flowing.”

31 October is the current deadline for the UK to leave the EU, following an extension given to former Prime Minister Theresa May back in March.

The Brexit process will be taken over by the next Conservative leader, with Boris Johnson and Jeremy Hunt remaining in the leadership race.

Boris Johnson, who is the current favourite to become the country’s next PM, has stressed the UK must leave in October with or without a deal.

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