Mubasher: Bank of England (BOE) Governor Mark Carney on Monday warned that the stability of financial service industry could receive the hardest blow if the UK crashes out of the European Union (EU) without a transition accord.

“The biggest issue from a financial stability perspective, from a market integrity perspective, from a continuity perspective, is a no-deal scenario by the end of March,” Governor Carney said at a news conference.

The UK is due to leave the EU on 29 March, but lawmakers have yet to approve an agreement that would smooth Britain’s exit from the bloc, raising the possibility of a disorderly departure or a delay.