Carney begins testimony in Parliament

The first question was on whether the UK suffered a "Michael Fish" (google Michael Fish Weather) moment in failing to predict the crisis.

Nothing like dealing backwards eh?

  • The biggest risks to UK financial stability remains from global risks
  • Fin stab risks around Brexit are greater for the continent than the UK
  • Brexit process has some potential to amplify the global risks the UK faces

A reminder that Carney is appearing with his Financial Stability Board hat on, not his monetary policy hat on. We're unlikely to get any major mon pol comments but how the BOE might deal with Brexit could be important for both things.