Bank of England governor Mark Carney has hit back at critics of Threadneedle Street’s warnings over Brexit, arguing that voters wanted to weigh up the economic risks of a vote to leave the European Union.
In heated exchanges at a parliamentary select committee on Tuesday, Carney told MPs the BoE had a responsibility to the British people “who don’t want risks kept from them”.
The governor rebutted criticism from pro-Brexit Tory MPs Jacob Rees-Mogg and Steve Baker that the bank was wrong to pass judgment on the economic impact of leaving the EU.
Rees-Mogg, who has previously called for Carney to resign over his Brexit warnings, renewed his attacks, calling the BoE a “creature of the government”.
He said he was concerned that the Bank has succumbed to pressure from the chancellor to highlight the risks of a Brexit and downplay the potential benefits of a vote to leave, while Baker accused it of producing flawed economic forecasts.
Rees-Mogg accused Carney of becoming “politically involved”. He responded: “I don’t think that’s worth replying to.”
At a previous Treasury select committee hearing in March, Rees-Mogg accused Carney of jeopardising the bank’s reputation for “Olympian detachment” by emphasising the pros but not the cons of EU membership.