The_Guardian_-_2016-12-29

Conservative MP Jacob Rees-Mogg (right) asks Mark Carney and his deputy, Sir Jon Cunliffe, a
question in the House of Commons in March. Photograph: PA
In March, Carney was forced to fend off accusations that Threadneedle Street was being too
supportive of the government’s pro-EU line and described as “entirely unfounded” the suggestion
from the pro-Brexit Conservative MP Jacob Rees-Mogg that the Bank was being politically partisan.
“I am expressing the views of the Bank,” he said. “We weren’t leant on by anybody.”
Brexit could stall UK economy
In April, Carney said Britain’s economy could struggle to grow if the country voted to quit the EU,
and warned that Britain’s economy already appeared to be losing steam before the EU referendum.
“Risks around the referendum are the biggest risks facing the UK economy, we have contingency
planning to decrease the potential impacts of uncertainty,” he told the Stockport Express newspaper.
Carney drops the R-word
At a press conference in May, Carney said a vote to leave the EU could possibly tip the UK into
recession.
“Material slowdown in growth, notable increase in inflation. That’s the MPC’s judgement. It’s a
judgment not based on a whim, it’s a judgment based on rigorous analysis and careful consideration.
“There’s a range of possible scenarios around those directions, which could possibly include a
technical recession.”
Prepared for referendum fallout
After the referendum result is confirmed, with share prices crashing and David Cameron announcing
his intention to step down as prime minister, Carney insisted: “We are well prepared for this.”
He said: “We have taken all the necessary steps to prepare for today’s events. In the future, we will
not hesitate to take any additional measures required to meet our responsibilities as the United
Kingdom moves forward.”