Bank of England Governor Mark Carney warned U.K. lawmakers that a no-deal Brexit could cripple the U.K. economy, in a special cabinet meeting Thursday. Laying out a downbeat forecast, Carney told U.K. Prime Minister Theresa May and her cabinet that house prices could fall by 25% to 35% over a three-year period, with unemployment reaching double-digit figures, according to a report in The Guardian. Some sources said Carney said if the U.K. could not negotiate a decent deal on its exit from the European Union, the economic fallout could be as bad as the financial crisis of 2008. Last month, Carney warned of the fallout of a no-deal scenario, which he said was "uncomfortably high."
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.