Brexit can spark export boom for UK, says former Bank Governor
households would be £4,300 poorer by 2030 than inside the EU.
So far, much data has pointed to continuing health in many aspects of the economy, including the car industry, retail and consumer confidence.
“The mistake was to portray these extreme outcomes in the future as almost inevitable rather than what they were, which were highly speculative forecasts,” stressed Lord King.
He described the campaign spearheaded by ex-Chancellor George Osborne as “counterproductive” and “insulting to the intelligence of the voter”.
He also warned the Bank of England against resorting to more quantitative easing – printing money – or cutting interest rates, which it has subsequently done.
Such actions may not “achieve very much”, because central banks were nearing the limit of what they could do. It was now up to governments to take the coordinated action required to boost global growth, Lord King said.