Mark Carney, The Bank of England's governor has warned that a no-deal Brexit could cause house prices to fall and the UK economy into financial shock.
His worst-case scenario was that house prices could fall as much as 35% over a three year period.
Reports also claim that Carney stated mortgage rates could rocket, the sterling could decline and inflation would increase, as well as many homeowners left in negative equity.
The Governor of The Bank of England said that banking "stress tests" were put in place to determine and ensure that the big UK banks could continue to meet the needs of the country through any type of Brexit outcome.
Mark Carney said, "Our job, after all, is not to hope for the best but to plan for the worst," the BBC reported.
To read the full article on the BBC website, visit https://www.bbc.co.uk/news/business-45516678
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