Carney’s figures are misleading

Sir, – Former Bank of England governor Mark Carney has asserted the UK’S economy fell from 90% of Germany’s pre-2016 to under 70% now.

However, other experts such as Roger Bootle of Capital Economics have argued this is totally misleading as it ignores the exchange rate difference over that period which always makes “inter-country comparisons perilous”.

He also points out that on a constant price basis, the UK economy grew from 2016 slightly faster than Germany’s and about the same rate as Spain and much faster than Italy.

It is inexcusable for

someone like Carney to broadcast a GDP fall of over 20% in only six years and entirely due to Brexit.

Our inflation rate is below the EU’S and our debt to GDP ratio of 96% is lower than all others in the G7 apart from Germany’s (70%), while France, Canada, USA and Italy range from 113% to 151% and Japan’s is 266%.

Also, the often-quoted GDP per head in Ireland being so much higher than the UK’S is also distorted by Ireland’s low corporation tax effect which has encouraged numerous companies to register there despite producing nothing there. The more realistic Gross National Income per head is about the same.

Finally, to join EFTA, as many advise, would mean

accepting free movement of EU citizens into the UK, mainly into the far more congested England.

However desirable that may be, it would not be the

Brexit voted for by England, or by over one million Scots, in 2016.

Former Bank of England governor Mark Carney.