'Carney must QUIT' Tory backbencher challenges BoE Governor to 'stand as MP'

Posted on Nov 30 2018 - 6:57pm by admin

Backbencher James Duddridge accused the central bank governor of “discrediting the independence of his role” for his intervention in the debate about Theresa May’s Brexit deal. “He should resign and stand as an MP if he wants to take a political view,” Mr Duddridge said. The MP also said that the timing of the governor’s remarks was “highly political”.

Mr Carney faced an angry backlash earlier this week when he claimed the UK quitting the EU without a deal could lead to the deepest recession for 100 years.

Refusing to back down, he intensified his warning with a claim that “less than half of businesses” were ready for a no-deal Brexit.

He told BBC Radio 4’s Today programme: “We know from our contacts with business, others know from their contacts, that less than half of the business in the country have initiated their contingency plans for a no-deal Brexit.

“All the industries, all the infrastructure of the country, are they all ready at this point in time? As far as we can tell, the answer is no.”

Mr Carney also hit back at those who accused the Bank of scaremongering after it said no deal would result in an 8 percent cut in GDP, unemployment surging by as much as 7.5 percent and house prices falling by almost a third.

He said: “We have a responsibility to have systems ready for whatever happens.”

Asked what type of Brexit he would like to see, Mr Carney said he did not have a preference, other than to see a transition period agreed.

“From a financial system perspective, something in the 18 to 24 months is sufficient,” he said.

“For the economy as a whole, and in terms of putting in place the customs arrangements of the future, the question is – are those all in place? And the answer is no.”

Mr Carney spoke out after the Bank of England released analysis on Wednesday suggesting the UK would be tipped into a recession far deeper than the 2008 financial crisis if it exited the EU with no agreement in place.

He was widely criticised for intervening in the debate ahead of the crunch Commons vote on Mrs May’s Brexit deal scheduled for December 11.

Senior Tory Jacob Rees-Mogg accused him of turning the anti-Brexit “project fear” campaign by Remain supporters into “project hysteria”.

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