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Brexit risks 'already beginning to manifest' warns Governor of the Bank of England Mark Carney

By John Mulgrew

Published 19/04/2016

Governor of the Bank of England, Mark Carney
Governor of the Bank of England, Mark Carney

The risks posed by the upcoming EU referendum may have already hit the UK economy, the Governor of the Bank of England has warned.

Addressing the House of Lords economic affairs committee yesterday, Mark Carney said there is “growing uncertainty about the UK’s macroeconomic outlook” in the run up to June 23.

He warned that risks in the UK’s economy may be beginning to "manifest" already.

“A vote to leave the EU might result in an extended period of uncertainty about the economic outlook...this uncertainty would be likely to push down on demand in the short run.”

And Mr Carney said a Treasury report, examining the long-term impacts of a Brexit, had been based on a “sound economic process”.

Chancellor George Osborne said the UK will be permanently poorer if it votes to leave the EU. The report also highlights that Northern Ireland receives more from the EU than other regions in the UK.

Meanwhile, Mr Osborne has appointed Michael Saunders to the Bank of England’s Monetary Policy Committee (MPC).

Mr Saunders, who is managing director and head of European economics at Citigroup, will take up the three-year role from August 9.

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