Carney grim on Brexit; US upbeat in Ireland; and another go at the housing crisis

‘Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk

Bank of England governor Mark Carney has delivered a “chilling” warning to Theresa May’s cabinet that a no-deal Brexit could lead to economic chaos. Photograph: Daniel Leal-Olivas

Bank of England governor Mark Carney has delivered a “chilling” warning to Theresa May’s cabinet that a no-deal Brexit could lead to economic chaos. Photograph: Daniel Leal-Olivas

 

Bank of England governor Mark Carney has delivered a “chilling” warning to Theresa May’s cabinet that a no-deal Brexit could lead to economic chaos, including a property crash that could see house prices fall by a third. It comes as Moody’s warns that the Irish economy might be hit as bad as Britain’s.

Mr Carney is in Dublin today for a lecture but yesterday, it was the turn of Kevin Hassett, the chairman of US president Donald Trump council of economic advisers. Charlie Taylor reports form the US embassy where Mr Hassett said Ireland would continue to be a “voice of reason” alongside the US.

On the domestic front yesterday, attention turned again to property as the Government launched the Land Development Agency. Barry O’Halloran examines how it will work and assesses whether it can really impact the current housing squeeze.

In Agenda, Eoin Burke-Kennedy takes a look at how Ireland’s housing crisis is affecting the real economy.

Eoin Burke-Kennedy also reports on another strong set of quarterly national accounts, which delivered growth of 2.5 per cent and pointed to a full year figure of 7 per cent.

Credit unions could see the fairly rigorous rules around their involvement in mortgage lending eased following a promised consultation that Central Bank deputy governor Ed Sibley said is due to commence in the coming weeks. Joe Brennan reports.

Joe Brennan’s Banking Crash diary brings to life the major events of a decade ago.

And, as it draws closer, what will Budget 2019 mean for you?

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