Hammond Tells Public to ‘Hold Their Nerve’ Over No-Deal Brexit

(Bloomberg) -- While Theresa May was in Brussels trying to change the Brexit agreement, the Chancellor of the Exchequer Philip Hammond had some advice for people worrying about a no-deal divorce: “The public will have to hold their nerve.”

Bank of England Governor Mark Carney warned the growing uncertainty is cascading through the U.K. economy, delaying business decisions and hurting consumers. Companies and some of their customers have started stockpiling goods as they prepare for potential economic chaos that a no deal Brexit could bring.

“The price of no deal is very high for us and our European partners,” Hammond said during a visit to a business school in Gloucester, western England, on Thursday. “I’m confident that we will end up with a deal. I think the public will have to hold their nerve,” he said, according to The Gloucestershire Echo newspaper.

May appeared no closer to striking a deal with EU leaders during meetings in Brussels on Thursday but still pledged to deliver Brexit “on time”. The U.K. is due to leave the EU on March 29, with or without a deal.

To contact the reporter on this story: Jessica Shankleman in London at jshankleman@bloomberg.net

To contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Thomas Penny

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