Rees-Mogg hits out at Bank chief, ‘high priest of Fear’
THE Governor of the Bank of England Mark Carney was yesterday dubbed the “high priest of Project Fear” after adding his voice to warnings against a No Deal Brexit.
He claimed the risk of it was “uncomfortably high” and will lead to higher prices.
It would mean Britain falling back on to World Trade Organisation rules.
Tory MP Jacob Rees-Mogg, chairman of the powerful pro-Brexit European Research Group, hit out at Mr Carney who has faced criticism since playing a key role in former chancellor George Osborne’s Project Fear referendum campaign.
Mr Rees-Mogg said: “Mark Carney has long been the high priest of Project Fear whose reputation for inaccurate politically motivated forecasting has damaged the reputation of the Bank of England.”
Senior Brexiteers have argued this option is the best because it will mean the UK is free of EU red tape and regulations and could strike trade deals around the world.
Recent evidence from Economists for Free Trade has shown that countries that trade on WTO rules with the EU do three times better than the bloc’s members while the extra tax revenue it generates will add £80billion a year to the Exchequer.
But Mr Carney’s comments come in the latest phase of a campaign to stir up public fears about the option and force Britain into accepting a deal which would tie it to Brussels rules.
Speaking on BBC Radio 4’s Today show, Mr Carney said: “I think the possibility of a no deal is uncomfortably high at this point. It is highly undesirable. Parties should do all things to avoid it.”
He said it would cause “disruption to trade as we know it” before adding: “As a consequence of that, a disruption to the level of economic activity, higher prices for a period of time.”