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Latest: Mark Carney is facing MPs nowCarney: Rates would rise after smooth Brexit……but no-deal could require more stimulus
Introduction: Oil and bitcoin rally in nervous marketsBitcoin smashes through $12,000 to a 15-month high
Q: The Westminster Village have been frantically googling “Gatt 24” (after Boris Johnson suggested it could be used to guarantee free trade with the EU). You have suggested otherwise….
[Reminder for any MPs baffled by Google: Gatt 24 allows tariff-free trade for up to 10 years while a permanent trade agreement is negotiated].
Carney says on the nerdy sounding GATT 24 there needs to be AN agreement for the UK to continue trading with no tariffs — you cannot have no-deal: “an agreement is a form of deal”
“Can you have no deal and use GATT XXIV?” asks Mark Carney.The answer is no, unless there is a credible…