Mr Carney (pictured) has warned that a no-deal Brexit could be as disastrous as the 2008 financial crash
Bank of England Governor Mark Carney has claimed that leaving the European Union without a deal could be as big a disaster as the 2008 financial crash.
Today at a cabinet meeting on Brexit preparations, he told Prime Minister Theresa May that leaving on bad terms means dire consequences for the UK.
Sources told The Guardian that Mr Carney suggested a no-deal outcome would slash house prices by 25-30 per cent over a three-year period.
He is also said to have claimed that unemployment will climb into double figures in terms of percentage.
Other problems he predicted include the stalling of transport links with the trading bloc.
One cabinet minister told the newspaper that Mr Carney wasn't saying that everything he mentioned was going to happen but simply recognising the need to consider the worst-case scenario.
Another insider claimed the briefing was met with a 'lot of broad agreement on the steps that we would need to take next to support the British economy in the event of leaving the EU on poor terms'.
British business will be hit by a 'sledgehammer' of red tape and higher costs if the UK crashes out of Europe without a deal, it was claimed tonight.
The CBI said a slew of new Government papers on how Britain would tackle a collapse in talks proved the dangers of failure in Brussels.
The prime minister was warned that house prices could fall over a three-year period in today's briefing
Brexit Secretary Dominic Raab (pictured arriving for the Cabinet meeting today ) has said he is still focused on getting a deal with the EU
The Prime Minister's (pictured yesterday in Downing Street) Brexit blueprint imagines Britain following EU rules on goods to maintain existing trade, while striking out in other areas such as services
The warnings came after Theresa May secured the agreement of her Cabinet to step up preparations for no deal.
A tranche of papers on the impact of crashing out of the EU says motorists would need new £5.50 international permits to use their cars on the continent.
They also warn that if negotiations with Brussels fail ex-pats might be forced to retake driving tests after March next year, as their UK ones will no longer be valid.
Britons with less than six months to run on their passports would also have to renew before travelling to the EU - while traditional-style British blue passports will not start being issued again until late in 2019.
The government played down fears that holidaymakers would be hit with swingeing roaming charges for using mobile phones in the EU - saying the biggest telecoms companies have agreed not to impose extra fees.
But in one of the most striking warnings, the documents predicted that the EU will refuse to share information with the UK about asteroids that could wipe out humanity.
The latest slew of 'technical' notices were published after Mrs May put ministers on notice at a special Cabinet meeting that large-scale 'no deal' Brexit plans will have to be activated if agreement has not been reached by mid-November.
Home Secretary Sajid Javid (left) and Trade Secretary Liam Fox (right) were at Downing Street for the Cabinet meeting today
Bank of England governor Mark Carney (pictured arriving for the Cabinet meeting) briefed ministers on preparations in the financial sector
The key revelations in the notices - designed to dispel EU doubts that the UK is really prepared to leave without a deal - included:
- International Driving Permits, costing £5.50 each, would be required for the EU after March. The government will not start providing the permits until February next year - raising fears of chaos with huge numbers of people applying weeks before the deadline.
- Ex-pats will need to get driving licences for the countries where they reside and could be required to take tests again.
- UK passports will not refer to the EU from March - but the traditional blue versions will not start being issued until the end of next year.
- Britain will be reliant on the United States for surveillance and tracking data on asteroids, dead satellites or other debris falling to earth after a no deal Brexit.
- The Common Travel Area will be honoured whether there is a Brexit deal or not - meaning Irish citizens will be able to travel to and remain in the UK.
Reaction to today's no deal notices was dominated by business warnings of the additional red tape likely to be imposed on firms.
CBI director general said no deal would be devastating for firms.
She warned: 'These notices make clear firms would be hit with a sledgehammer in the event of 'no deal'.
'They also illustrate the extent of the disruption consumers can expect if ideology wins over evidence.'
EU could refuse to share information on asteroids after Brexit
Britain could be left reliant on the United States for data on asteroids crashing to earth after a no deal Brexit, Government papers suggested today (artist's impression)
Britain could be left reliant on the United States for data on asteroids crashing to earth after a no deal Brexit, Government papers suggested today.
Theresa May has repeatedly insisted that a no deal Brexit would 'not be the end of the world'.
But the EU is currently building a system designed to protect satellites from crashing into other equipment or debris.
It also tracks material crashing back to earth on a 'scheduled or unscheduled basis'.
Without a deal, the UK will no longer take part in the EU Space Surveillance and Tracking programme, the notice reveals.
It says: 'If the UK leaves the EU in March 2019 with no agreement in place, the UK will not be eligible to participate in the EU Space Surveillance and Tracking programme.
'UK organisations will not therefore be able to contribute to providing services to the EU Space Surveillance and Tracking, to participate in the scientific and technical groups to develop the programme further or be able to receive grant funding to pay for UK involvement.
'The UK will continue to receive space, surveillance and tracking data from the United States of America.'
Adam Marshall, director general of the British Chambers of Commerce said: 'Firms still need greater precision from the government in order to be able to plan ahead with confidence.
'Many companies tell us they are deeply concerned by the impression that key information they need in order to prepare for change is being held back due to political sensitivities as the party conference season commences.
'Speed, precision and clarity are of the essence so that businesses can prepare for change.'
Mike Cherry, chairman of the Federation of Small Businesses, said: 'With each release of the Government's technical notes, we get a clearer picture of how dangerous and damaging a sudden no-deal Brexit will be for our small businesses.'
Shadow Brexit Secretary Sir Keir Starmer said: 'We are less than 200 days until we leave the European Union and the Government still has no credible plan for Brexit. The Cabinet should be planning to negotiate a good deal for Britain, not planning for failure or blaming businesses for the Government's chaos.
'The only reason the Government is talking about no deal is because the Tory civil war on Europe prevents the Prime Minister from negotiating a good deal.
'With the clock ticking, Ministers should drop the irresponsible rhetoric and start putting jobs and the economy first.'
One of the papers confirms that 'International Driving Permits' would be needed across much of the EU if there is no deal.
'You may be turned away at the border or face other enforcement action, for example fines, if you don't have the correct IDP,' the document states.
The document says the government will only start providing IDPs at most Post Offices after February 1 next year - which could fuel concerns about an administrative log-jam for people wishing to travel to the continent.
Currently they can only be obtained from around 90 Post Offices nationwide or by mail order from two private companies.
There are two types of IDP required by EU countries, depending on whether they have ratified the 1949 or 1968 conventions on road traffic - meaning some travellers will need both permits.
Shadow Brexit Secretary Sir Keir Starmer warned 'we are less than 200 days until we leave the European Union and the Government still has no credible plan for Brexit'
Adam Marshall, director general of the British Chambers of Commerce said a no deal Brexit would ensnare business in red tape
Motorists could be away at borders or face enforcement action if they have not obtained the correct documents.
The Department for Transport believes up to seven million permits could be requested in the first 12 months after Brexit.
The notice urges ex-pats to trade in their existing licences for one valid in the country where they live.
'If, after exit day, you become resident in an EU country you would not have the automatic right under EU law to exchange your UK licence for a driving licence from the EU country you're living in,' the paper says.
'Depending on the laws of the EU country you move to, you may need to take a new driving test in that country.'
Edmund King, president of motoring association AA, said: 'This will be an extra burden for UK drivers wanting to take a holiday abroad.
'We are also disappointed that from the end of January next year the AA will no longer be permitted to issue IDPs as we have done for decades. We had campaigned to maintain the right to issue these permits, but the Transport Secretary has decided that IDPs will only be issued at post offices.'
The assessment on passports says that if the UK has 'third party' status, EU countries could demand at least six months is left before their expiry date.
'To avoid any possibility of your adult British passport not complying with the Schengen Border Code we suggest that you check the issue date and make sure your passport is no older than nine years and six months on the day of travel,' it says.
Business minister Claire Perry (pictured) was also at the no-deal planning meeting in Downing Street today
Irish citizens will keep the right to enter and remain in the UK regardless of the Brexit outcome, the document says.
The paper also reveals that from next March the UK will start producing passports without a reference to the EU - and blue passports will be issued from the end of 2019.
Britain will be reliant on the United States for surveillance and tracking data on asteroids, dead satellites or other debris falling to earth after a no deal Brexit.
The EU is currently building a system designed to protect satellites from crashing into other equipment or debris.
It also tracks material crashing back to earth on a 'scheduled or unscheduled basis'.
Without a deal, the UK will no longer take part in the EU Space Surveillance and Tracking programme, the notice reveals.
Labour MP Jo Stevens said: 'It is deeply worrying that the UK will be shut out of some of the most cutting edge research in the world. This research provides thousands of high-tech jobs and provides the economy billions every year.
'Theresa May used to say wouldn't be the end of the world - but actually it could be!'
Britain's car manufacturers face new barriers to selling their vehicles into Europe if the UK crashes out without a deal.
They will have to get new EU safety certificates before they will be allowed to sell their cars into the lucrative market, as their car models would no longer be automatically recognised.
Health Secretary Matt Hancock (left) and Foreign Secretary Jeremy Hunt (right) were all smiles as the arrived for the no-deal discussions today
The Government paper says the firms will need to get the relevant documents from each EU country – potentially creating a major bureaucratic nightmare for the sector.
The paper states: 'In a no deal scenario, type-approvals issued in the UK would no longer be valid for sales or registrations on the EU market.
'EC type-approvals issued outside of the UK, would no longer be automatically accepted on the UK market.
'This means that affected manufacturers would need to ensure that they have the correct type-approval for each market ...
'Manufacturers currently holding a VCA-issued [Vehicle Certification Agency-issued] EC type-approval, who intend to continue placing their products on the EU market, must obtain a new EC type-approval from a type-approval authority in an EU country.'
Manufacturers who produce goods that are not currently governed by EU-wide rules would face major new hurdles to export into Europe after a no deal.
Currently, anything that meets UK regulations but which is not subjected to harmonised EU rules can be sold anywhere in the single market. This is known as 'mutual recognition'.
The products involved include significant sectors for UK industry, including the historic textile trade and products such as bicycles – an area which includes high profile British brands such as Brompton.
After a no deal Brexit, mutual recognition would no longer apply – meaning goods would have to meet regulations in the country in which they are sold.
Mrs May has been under pressure over her Brexit plan with Boris Johnson (pictured running near his Oxfordshire home today) thought to be plotting a leadership challenge
Dominic Raab, UK exiting the European Union secretary, left and Michel Barnier, chief negotiator for the European Union, shake hands following a news conference in Brussels, Belgium, on 31 August
Because the products concerned are not subject to EU-wide rules, this could mean manufacturers having to meet 27 sets of regulation.
Importers would also have to ensure non-harmonised good brought into Britain meet UK rules.
The notice on satellites and space programmes confirms the UK and British firms will be blocked taking on future work on Galilo, the EU's equivalent to GPS.
Devices that use the satellite network will continue to work as normal meaning consumers should see no impact.
But the UK will be excluded from encrypted parts of the system due to come online by the mid 2020s, despite British investment in the network.
Business, academics and researchers could also lose out and those with existing contracts are at risk of penalties.
The report confirms £92million has been set aside to explore the possibilities of a UK Global Navigation Satellite System – but not to actually develop one.
The Home Office has published assurances that a no-deal Brexit will not alter the terms of the Common Travel Area which allows British and Irish citizens to live, work and receive welfare benefits in one another's countries.
In one of a set of no-deal preparation papers issued by the Government, the Home Office confirmed that the CTA, which dates back to the 1920s, would remain in place in the case of the UK leaving the EU without a deal.
'If you are an Irish citizen you would continue to have the right to enter and remain in the UK, as now,' said the paper.
'You are not required to do anything to protect your status.'
The reference to 'European Union' will be removed from UK passports (pictured right) from March - but traditional-style blue versions (pictured left) will not start being issued until the end of 2019
Where required, domestic legislation would be updated in the event of no deal, to guarantee reciprocal rights including the right to work, study and vote, access to social welfare benefits and health services.
Irish citizens will keep rights to live in UK even if Brexit talks fail
Ministers said they are absolutely committed to maintaining the Common Travel Area between the UK and the Republic of Ireland (pictured, the Irish border)
Irish citizens will still be allowed to live and work in Britain under the same rules as exist today if there is a no deal Brexit, the Government has promised.
Ministers said they are absolutely committed to maintaining the Common Travel Area between the UK and the Republic of Ireland.
And they sought to reassure anxious citizens that nothing would change even if the UK crashes out of the Brussels bloc.
The pledge comes in a Government paper - one of 28 released today - detailing what is being done to prepare for a no deal Brexit.
The paper states: 'If you are an Irish citizen you would continue to have the right to enter and remain in the UK, as now. You are not required to do anything to protect your status.'
There would be 'no practical changes to the UK's approach to immigration on journeys within the CTA' and 'no routine immigration controls on journeys from within the CTA to the UK'.
Britons getting a divorce from an EU national or in a child custody battle face being stuck in limbo if Britain crashes out without a deal, the technical papers also war,
Currently, EU legislation covers civil courts – meaning that judgements passed down by British courts are automatically recognised across the other 27 member states.
But a no deal Brexit would pull the plug on these agreements meaning 'there would be no agreed EU framework for ongoing civil judicial cooperation between the UK and EU countries'.
Ministers said they would scramble to put in place other laws, but warned Britons affected that they should seek legal advice.
It adds: 'We will seek to provide legal certainty for businesses, families and individuals who are involved in ongoing cases on exit day.
'Broadly speaking, cases ongoing on exit day will continue to proceed under the current rules.
'However, we cannot guarantee that EU courts will follow the same principle, nor that EU courts will accept or recognise any judgments stemming from these cases. Individuals with cases in progress on 29 March are encouraged to seek legal advice on how this may affect them.'
Meanwhile, Brexit Secretary Dominic Raab has opened another flank in the Brexit battle by threatening to slash the £39billion 'divorce bill' if Brussels refuses to compromise.
French minister for Europe Nathalie Loiseau (pictured) ramped up the rhetoric on a visit to London today, claiming that planes would be grounded and Eurostar trains would not run
The EU Commission President (pictured making his State of the Union address) said the EU would work 'day and night' for a close relationship after the UK quits the bloc
Speaking on BBC Radio 4's Today programme, Mr Raab said one of the consequences of a no-deal Brexit 'is that obviously we wouldn't pay out the money that has been agreed as part of the withdrawal agreement'.
The said the UK would 'recognise our strict legal obligations' but that the amount paid would be 'significantly, substantially lower' than the £39billion.
There are claims the figure could be more than halved if the EU blocks an agreement and the UK could slow down the timetable for paying the balance.
Mr Raab issued a stark warning to Tory Brexiteers - and some Remainers - who have criticised Mrs May's Chequers plan, saying they will merely increase the chances of a no-deal outcome.
'I do appreciate the concerns on all sides,' he said.
'But when push comes to shove, there will be the choice between the deal that I'm confident we can strike with the EU and the no deal scenario.
'We are making sure we are ready for the latter. But I think it would be by far the optimum outcome to have a negotiated deal, and I think that will focus everyone's minds.'
Mr Raab's comments echo Mrs May's statement yesterday that Britain's £39billion divorce offer to Brussels will be slashed if the EU fails to grant a comprehensive trade deal.
The Prime Minister insisted it was a 'specific offer' made on the expectation of an acceptable agreement.
She warned the bloc that without a deal 'the position changes'. Mrs May stressed that the UK was 'a country that honours our obligations'. But sources suggested the divorce payment could be slashed by more than half if there is no deal.
Mrs May said: 'The specific offer was made in the spirit of our desire to reach a deal with the European Union and on the basis, as the EU itself has said, that nothing is agreed until everything is agreed. Without a deal, the position changes.'
Vodafone, Three, EE and O2, which account for 85 per cent of the market, have agreed the deal following months of talks with ministers.
The £45-a-month cap on mobile data in the EU will also remain, even if talks collapse.
On driving licences, motorists will need a new international licence to use their cars in the EU in the event of no deal. The EU is likely to refuse to recognise UK driving licences if Brexit talks collapse, a Department for Transport document will state.
An international driving licence will be needed for anyone driving in the EU after March 29, for hiring or obtaining insurance, unless Brussels or individual member states waive the rules. To complicate matters, there are two types of permit and different versions could be needed for different countries.
Ministers say the UK will continue to recognise EU licences.
The Cabinet 'no deal' meeting today – the first of its kind – was told contingency plans will have to be activated in November in order to have them up and running in time for the UK's departure from the EU in March next year.
The timescale will intensify the pressure on both sides to strike a deal at a special EU Brexit summit now being pencilled in for the middle of November.
Ministers met for three and a half hours to discuss preparations for a no deal Brexit.
The PM's official spokesman said: 'Cabinet agreed that securing a deal with the EU based upon the Chequers white paper is the Government's firm aim and we are confident of success.
'However, as a responsible Government we need to plan for every eventuality.
'Cabinet agreed that no deal remains an unlikely but possible scenario for six months time.
'Departments have significantly increased no deal preparations in recent months. Cabinet agreed to further ramp up no deal preparations in the weeks and months to come to ensure the country is ready for all possible scenarios.'
Brussels is sceptical about Mrs May's willingness to leave without a deal. The new technical notices are designed to demonstrate to both Brussels and the public that the Government will be ready to leave at the end of March.
Bank of England government Mark Carney attended Cabinet today to give a briefing on preparations in the financial sector.
Mr Raab said: 'We are stepping up our no-deal preparations so that Britain can continue to flourish, regardless of the outcome of negotiations.'
Questioned in the House by Tory Chris Philp on whether the £39billion divorce bill would be withheld if there was no deal with the EU, Mrs May said Britain was a 'country that honours our obligations'.
But she insisted it was 'very clear that we need to have a link between the future relationship and the withdrawal agreement'.
'The specific offer was made in our desire to reach a deal with the European Union,' she said.
'And on the basis, as the EU themselves have said, that nothing is agreed until everything is agreed, without a deal the position changes.'
Roam free! Britons will NOT pay EU roaming charges even in the event of 'no deal', Brexit secretary says
Free data roaming across the EU will continue even if Britain crashes out of the bloc without a deal, the government announced today.
Ministers have struck a deal with Europe's four largest mobile operators - including Vodaphone and EE - to ensure there is no return to the rip-off fees of the past.
The news came in a series of technical notices published on Thursday by Brexit secretary Dominic Raab, following on from a first series published in August.
Britons will be free to use their mobile phones anywhere in the EU without incurring extra charges even after Brexit, the government has said
Other areas covered by the documents include the impact of a no-deal scenario on standards relating to the environment and vehicles.
The papers were published after a special meeting of the Cabinet focused on how a no-deal outcome could be handled.
Linkhienalouca.com
https://hienalouca.com/2018/09/13/no-deal-brexit-could-be-as-bad-as-the-2008-financial-crash-boe-governor-warns-cabinet/
Main photo article
Mr Carney (pictured) has warned that a no-deal Brexit could be as disastrous as the 2008 financial crash
Bank of England Governor Mark Carney has claimed that leaving the European Union without a deal could be as big a disaster as the 2008 financial crash.
Today at a cabinet meeting on...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves Online news HienaLouca
https://i.dailymail.co.uk/i/newpix/2018/09/13/21/5024A57D00000578-6165689-image-m-19_1536869905872.jpg
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