UK bank chief: trade war may ‘shipwreck’ global economy

International

LONDON (AP) — Bank of England Governor Mark Carney has warned that the British economy could be slowing down more than anticipated in the wake of mounting Brexit uncertainties and intensified trade tensions.

Carney said In a wide-ranging speech Tuesday that there’s a “sea change” in financial markets related to worries over the global economy and that’s weighing on the British economic outlook. Trade tensions, particularly those involving the U.S. and China, could “shipwreck the global economy.”

He noted that recent economic data “raise the possibility that the negative spillovers to the U.K. from a weaker world economy are increasing and the drag from Brexit uncertainties on underlying growth here could be intensifying.”

Looking across the first half of the year, he said underlying growth in the U.K. is “running below its potential.”

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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