Mark Carney: Bank scenario was not an 'exam crisis'

Bank of England Governor Mark Carney

Bank of England Governor Mark Carney

"The risk of being a rule-taker goes up with time", Mark Carney told the Treasury Select Committee.

The BoE said last week that under a worst-case scenario, Britain could suffer an even bigger hit to its economy than during the global financial crisis.

Mark Carney told MPs on Tuesday that in "the most extreme scenario", Brits could expect the cost of their shopping baskets to soar after the United Kingdom leaves the EU.

Still, her attempt to sell it has been torpedoed after opposition parties were granted an emergency debate on whether her government is in contempt of Parliament for refusing to its release legal advice about the plan.In a column for Bloomberg Opinion Tuesday former BOE Governor Mervyn King accused May's government of "incompetence of a high order".

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There was no exam crisis.

"For individual food products it's going to vary".

But he said the price of food could go up by 10% if Britain left the European Union with no deal and with no mitigating arrangements to avoid chaos at the country's ports.

On vehicle prices, he added: "The direction of travel is clear, but the size (of price rises) will depend on the nature of the withdrawal".

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The Bank had already warned last week that a disorderly Brexit could push the United Kingdom towards the biggest slump in modern memory, with the economy shrinking by 8%, house prices crashing 30%, unemployment almost doubling and inflation spiralling to 6.5%.

But the analysis prompted a vicious backlash, with pro-Brexit Conservative MP Jacob-Rees Mogg describing Mr Carney as a "second-tier Canadian politician" and claiming he had damaged the Bank's reputation with his repeated Brexit warnings. "You asked for something that we had and we brought it and gave it to you", he said.

"These are low probability events in the context of Brexit", he said.

However, despite banks, economists and business leaders issuing countless warnings, Carney said the central bank's stress tests found Britain's financial sector to be resilient and capable of handling Brexit-induced economic shocks.

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"We would not be comfortable...outsourcing supervision of this incredibly complex, incredibly important financial sector", he said.

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