Bank of England will pump in money in case of no-deal Brexit: Richard Harrington

Richard Harrington, Britain’s junior business minister expects parliament to take charge in the event of a cliff hanger Brexit.

Britain’s junior business minister Richard Harrington stated, the Bank of England may have to step in to pump in money into the economy in the event of a no-deal Brexit.

Earlier, England’s central bank, the Bank of England, had stated policy reactions to a potential no-deal Brexit would not be automatic; last week however Governor Mark Carney warned of the potential shock to the economy if were to leave without a deal.

Harrington stated, Britain will have to deploy significant measures to support the economy.

“If we do leave with no deal, I do feel in the short term it is government’s role – government, the Bank of England, all the other tools that we have – to take what will be emergency action to deal with a drastic situation. In traditional terms that would mean pumping money into the economy in different ways,” said Harrington at a manufacturing conference in London.

He went on to add, “Now I’m not talking about financial tools, but the banks will have to step forward with additional liquidity because of the shock that it will have on the economy.”

Harrington said, he does not believe that Brexit will result in a no-deal scenario. Parliament will take control of the process and prevent it.

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