Business Live: Tuesday 4 September – BBC News

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Mark Carney says it is up to individual businesses to make the preparations they need for a potential “no-deal” Brexit – not the Bank of England.

However, he says the bank will take the “necessary steps” in terms of monetary policy.

“We need to do… and have been doing… whatever it takes to make sure that the financial system is in a position, that it is prepared, that is has all the contingency plans, that we have all the contingency plans.”

The aim, he says, is that the UK will have a “functioning financial system” it can rely on.

He says the BoE will stress test banks in coming weeks, to ensure they have the capital they need.

But he says there are other issues the UK can’t “self solve”, and will need to do so hand in hand with the EU.

On this, he says, there is more work to be done before Britain quits the EU in March 2019.

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