The Bank of England is warning that a no-deal Brexit could send the pound down by quarter and shrink the U.K. economy by eight per cent in the immediate aftermath, triggering a recession worse than the financial crisis. (BBC)

Talking point: The warning is based on a worst-case scenario outlined by the bank in the the event of what they call a “disorderly Brexit,” in which the U.K. leaves the EU without another deal in place, and takes into account concerns surrounding trade, border security and migration. Its input will likely be helpful to Prime Minister Theresa May, who is lacking support for her Brexit agreement. In response, Conservative backbencher Jacob Rees-Mogg, who has publicly opposed his government’s Brexit strategy at every turn, called BoE governor—and former Bank of Canada head—Mark Carney “a second-tier Canadian politician who failed to get on in Canadian politics and then got a job in the U.K.”