Mark Carney, governor of the Bank of England, speaks during a press conference in London on 3 November 2016. Photo: REUTERS/Kirsty Wigglesworth
LONDON (Reuters) - British businesses need more clarity about how Britain intends to leave the European Union, Bank of England Governor Mark Carney said on Wednesday.
“It is preferable that firms know as much as possible about the desired endpoint, what type of relationship would be there, and as much as possible, as early as possible, about the potential path to that endpoint,” Carney said.
British Prime Minister Theresa May has said she will not give a running commentary on the government’s plans for Brexit, arguing this would weaken Britain’s hand.
“Having a degree of clarity, when appropriate, will help promote a smooth and orderly transition,” Carney said at a news conference after publishing the BoE’s latest outlook for financial stability.
He also said he recognised the difficult balancing act facing the British government as it prepares to start divorce talks with the EU.
Carney has been criticised by supporters of Brexit for previous comments he has made on the impact of a vote to leave the bloc on Britain’s economy and on the need for a transition period to smooth Britain into its new relationship with the EU.
(Reporting by David Milliken and Huw Jones; Writing by Andy Bruce; Editing by William Schomberg)