Brexit is to blame for the soaring inflation driving the cost of living crisis in the UK, a former governor of the Bank of England has said.
Mark Carney, who pro-Brexit figures said should have been fired for warning about the economic dangers of leaving the EU prior to the vote, said he took no pleasure in being proven right because the resultant hardship had been placed on the backs of millions of ordinary people.
“We laid out in advance of Brexit that this will be a negative supply shock for a period of time and the consequence of that will be a weaker pound, higher inflation and weaker growth,” Carney said.
“And the central bank will need to lean against that. Now that’s exactly what’s happened. It’s happened in coincidence with other factors, but it is a unique aspect of the economic adjustment that’s going on here,” he told the Daily Telegraph. » | Kevin Rawlinson | Saturday, June 17, 2023
