BoE's Carney: disorderly Brexit would result in weaker economy and higher unemployment

Headlines continue to pour in from the BOE Governor Mark Carney's post-Financial Stability Report (FSR)/Bank Stress Test Results press conference.

Key quotes:

   •  A disorderly Brexit will cause slower growth and higher unemployment
   •  In a sharp disorderly Brexit, there would be economic impact on households and businesses and there would be "some pain" associated with that
   •  It will also cause a weaker currency and lead to higher interest rates, all things equal
   •  Some evidence of heightened risk premia for some UK assets
   •  Banks need 18-24 month Brexit transition period
   •  Fintech could have profound consequences for business models of existing banks
   •  UK finance ministry considering all options for mitigating Brexit risks to derivatives and insurance contracts