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Mark Carney has warned that a no-deal Brexit could see average food shopping bills rise by 10%. The Governor of the Bank of England said the impact of new tariff barriers and a plunge in the pound would cause the change.

 

“In the most extreme scenario, on average your shopping bill goes up 10%,” Mr Carney said. He set out his view of the expected impact of crashing out of the EU as he appeared before MPs on the Treasury select committee.

The Bank said last week that under a worst-case scenario, Britain could suffer an even bigger hit to its economy than during the global financial crisis.

“There’s no exam crisis. We didn’t just stay up all night and write a letter to the Treasury Committee,” Mr Carney told MPs.

“You asked for something that we had, and we brought it, and we gave it to you.” Pro-Brexit critics of Carney, who have long accused him of political meddling, dismissed last week’s report as scare-mongering.

Former Bank of England Governor Mervyn King joined the criticism on Tuesday when he lamented the central bank’s involvement in what he said was an attempt to scare the country about Brexit.  Read More

 

Related news: Government must stop cheap post-Brexit food imports threatening UK farmers, MPs warn.  Read More