section_path: Views/Foreign policy/Brexit
section_name: Brexit
paragraph_text: Brexit
  
  Carney warned many times that Brexit was expected to negatively influence the UK economy. Consequently, Brexit activists accused him of making statements favouring the UK's continued membership of the European Union (EU) before the British EU-membership referendum. He replied that he felt it was his duty to speak up on such issues.
  
  In September 2018, Philip Hammond, the chancellor of the Exchequer, confirmed speculation that Carney would remain as Governor until January 2020, to ensure a "smooth" transition after the UK was set to leave the EU on March 29, 2019, a departure deadline that was missed.
  
  In November 2018, Carney warned that large parts of the British economy were not ready for a no-deal Brexit. Speaking on BBC Radio 4's Today program, Carney explained that fewer than half of businesses had initiated contingency plans.
  
  In February 2019, speaking about the global economy, Carney provided a less negative perspective on Brexit, stating that globalization has resulted in "imbalances of democracy and sovereignty", and that Brexit "is the first test of a new global order and could prove the acid test of whether a way can be found to broaden the benefits of openness while enhancing democratic accountability".
  
  Carney also said that the increase in the perception that a no-deal Brexit is likely is "evidenced by betting odds and financial market asset pricing", resulting in the UK now having "the highest FX (foreign exchange) implied volatility, the highest equity risk premium and lowest real yields of any advanced economy."