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No-deal Brexit an ‘instantaneous’ shock to economy: Bank of England Carney warns

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Bank of England governor Mark Carney on Friday warned that a no-deal Brexit would be a shock for Britain, causing supply disruption and potentially undermining entire sectors of the economy such as the car industry and farming.

“With no deal the shock to the economy is instantaneous and instantly…. you actually have businesses that are no longer economic,” he told BBC radio, warning that the number of companies affected could be “substantial”.

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Carney also said that in the event of a no-deal Brexit, the falling pound would suddenly increase prices for imported goods such as petrol and food and force up inflation.

The governor added he was still expecting a deal with Brussels, which Boris Johnson’s new government has said it is aiming for.

But he warned there was “a significant possibility” that Britain could leave the EU with no divorce agreement.

“There are some very big industries in this country where that which is highly profitable becomes not profitable, becomes not economic” in case of no-deal, Carney said.

“Very difficult decisions need to be taken.”

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CNBC anchors argue on air: ‘100,000 people died… all you did was try to help your friend the president’

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CNBC anchor Andrew Ross Sorkin on Wednesday accused co-anchor Joe Kernen of providing political help to President Donald Trump instead of reporting factual news about the coronavirus pandemic.

Kernen appeared to get under Sorkin's skin by dismissing questions about the relatively quick market comeback as the rest of the economy suffers in the midst of the pandemic.

"Joe, you missed [the stock market] 100% on the way down and you missed 100,000 deaths," Sorkin said. "So we can have this debate back and forth and you can try and question the questions I'm asking."

"Hold on!" Sorkin shouted when Kernen tried to interrupt him.

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A closer look at Trump COVID contractors reveals inexperience, fraud accusations and a weapons dealer operating out of someone’s house

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A firm set up by a former telemarketer who once settled federal fraud charges for $2.7 million. A vodka distributor accused in a pending lawsuit of overstating its projected sales. An aspiring weapons dealer operating out of a single-family home.

These three privately held companies are part of the new medical supply chain, offered a total of almost $74 million by the federal government to find and rapidly deliver vital protective equipment and COVID-19 testing supplies across the U.S. While there’s no evidence that they obtained their deals through political connections, none of the three had to bid against competing firms. One has already lost its contract for lack of performance; it’s unclear if the other two can fulfill their orders on time, or at all.

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CNN’s John King astonished Trump keeps tweeting things that would get anyone else ‘fired in a snap’

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CNN's John King on Wednesday expressed shock that no one has been able to convince President Donald Trump to stop tweeting unfounded conspiracy theories about MSNBC host Joe Scarborough murdering a staffer 20 years ago.

During an interview with David Gergen, King said it was particularly jarring to see Trump, in the middle of a pandemic that has killed 100,000 Americans, to be tweeting things that "if I tweeted them, we would be fired in a snap."

Gergen then looked back at how past presidents have handled tragedies, and he said Trump pales in comparison to all of them.

"This should be a week of national mourning, to have 100,000 deaths, the number we'll reach in the next two or three days, and the country is saddened by that," he said. "Traditionally, presidents bring us together for occasions like this. They brought comfort, they met privately with the families of the victims and cheered people up... and here now, we have completely the opposite. It's very, very sad."

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