The Bank of England could forgo planned rises in its key interest rate, or even ease policy, if the UK’s departure from the European Union were to be “sharper” than it expects, governor Mark Carney said Thursday.

The BoE has said if the economy grows around 1.75% a year, it would raise its key rate up to three times over coming years. However, that path for policy assumes what the BoE calls a “smooth” Brexit, involving a transition period that gives businesses and households time to adjust to a new trading relationship between the UK and the EU.