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REGULATED BY THE SOLICITORS REGULATION AUTHORITY No 614992
Even though the Governor of the Bank of England, Mark Carney has come out and suggested that the Bank of England would do everything in its power to protect the financial integrity of the UK (he already said he would inject £250 billion if required), there are real concerns as to whether the markets would punish the UK financial services industry for leaving the EU. In this regard, it may well be that many EU countries fearing a similar “leave referendum” in their own country would not want to make life easy for the UK in trade deals due to a perceived view that it would discourage their own electorate from following suit. This could cause a downward spiral on the currency market and in the short term result in reductions in interest rates to try and help bolster inward investment. If that however fails to work, the Bank of England may have to resort to trying to increase interest rates with a view to encouraging the flow of liquidity into the financial markets in the UK and to thereby prop up Sterling. If this stagflation were to occur, it would potentially result in higher interest rates resulting in increased mortgage payments for householders.