He can, Carney: The Bank of England is right to intervene in the Brexit debate

Posted: May 17, 2016 in economy
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He can, Carney

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Mark Carney’s job is to identify threats to Britain’s economy. Brexit is exactly that

BREXITEERS are livid about comments made at a press conference on May 12th by Mark Carney, the governor of the Bank of England. He presented the bank’s latest inflation report, and then went on to concede that a vote to leave the European Union could “possibly” tip Britain into a “technical recession” (defined as two consecutive quarters of negative growth) and destabilise financial markets. Jacob Rees-Mogg, a Conservative MP and prominent Brexit campaigner, said that Mr Carney “should be fired” for his comments.
The accusation against Mr Carney is that, by focusing on the problems associated with Brexit, he has taken a political position and thus compromised the bank’s independence. But this is to misunderstand how the Bank of England works. Every inflation report sets out the big risks facing the British economy—the usual suspects recently have been the euro crisis and China’s …

via Economic Crisis http://ift.tt/1smEOq3

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