You wanted it, you got it – Carney defends BoE Brexit report

LONDON (Reuters) – Bank of England Governor Mark Carney hit back at critics of the central bank’s warnings of a potentially big Brexit hit to the economy, denying allegations of scare-mongering made by some members of Parliament who oppose Prime Minister Theresa May’s plans.

The Governor of the Bank of England, Mark Carney hosts a Financial Stability Report news conference at the Bank of England, in London, Britain November 28, 2018. Daniel Leal-Olivas/Pool via REUTERS

The BoE said last week that Britain could suffer greater damage to its economy than during the global financial crisis under a worst-case exit from the European Union.

Carney, speaking to MPs on Tuesday, denied a suggestion that the BoE’s scenarios were rushed out to help May get support for her Brexit plan and stressed that the central bank had been asked to provide them by MPs.

“There’s no exam crisis. We didn’t just stay up all night and write a letter to the Treasury Committee,” Carney said. “You asked for something that we had, and we brought it, and we gave it to you.”

Less than four months before Britain is due to exit the EU, it remains unclear whether it will leave with a transition deal in place to smooth the shock for the economy.

May’s Brexit agreement with EU leaders faces deep opposition in parliament, including from within her own Conservative Party, ahead of a key vote on Dec. 11.

Pro-Brexit critics of Carney, who regularly accuse him of political meddling, dismissed last week’s BoE report as part of a “Project Hysteria.”

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