Carney vow: Big British banks prepared for hard Brexit – Ireland

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Britain’s biggest banks will be able to cope with a disorderly Brexit and continue to meet the country’s needs, Bank of England (BoE) governor Mark Carney said at an event in Dublin yesterday.

Mr Carney, pictured, said the BoE was “well-prepared” for whatever path the economy takes, including a wide range of potential Brexit outcomes.

He said the world is on the brink of a new industrial revolution, which will be driven by advances in automation and artificial intelligence.

“In the long run, the Fourth Industrial Revolution should substantially boost productivity and supply,” Mr Carney said.

“With job destruction running ahead of the productivity and creation effects in the shorter term, however, demand is likely to be weaker for a period,” he added.

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