Mark Carney is the outgoing Canadian Governor of the Bank of England who famously stood shoulder to shoulder with George Osborne during the EU Referendum and Project Fear. He famously predicted that the UK economy would CRASH if we voted to leave the EU and unemployment would rocket. He was on BBC radio 4 this morning and continued with his attempts to scare the British Public.
Of course we now know that all of this was complete nonsense and downright lies to scare voters but it appears that he has not learned from the error of his ways. Like many remain economists and establishment figures he is now using the ‘No-Deal’ Brexit scenario to try and scare the people of the UK so much so that the pound weakened below $1.30 as he spoke and was down 0.3 percent at $1.2982 as of 8:56am.
Carney went on the following extraordinary rant finishing with an absolutely ludicrous prediction:
What we have done, and I think it is important to underscore this. We have made sure that the banks have the capital that they need, have the liquidity that they need and that we have the contingency plans in place so that if there were to be a no deal Breixt, and not just a no-deal Brexit, but a no-deal Brexit without any transition, so something that is truly by accident.
Because it is absolutely in the interest of the European Union and the United Kingdom to have a transition to whatever deal.
If we don’t we will have house prices going down by more than a third, real interest rates going up by almost four percentage points, unemployment going to nine percent, and the economy going into a four percent recession.”
Carney was continually questioned but refused to back down. He should perhaps mark the words of his Chief Economist Any Haldane who said about Project Fear:
Fair cop. If you look at how the consumer performed during the course of the last year it’s almost as though the referendum had not taken place. In terms of the real things like pay and jobs not very much happened during the course of last year. It’s pretty much business as usual. The spending power in people’s pockets was not materially dented… Maybe some of the scarier stories politically will be seen to be just that – scare stories.”
Please take your time to read other topical news articles and SUBSCRIBE for updates
