Tyrie looks to address BoE Brexit scaremongering claims

Ryan Fowler

July 12, 2016

mark carney governor of the bank of england

Treasury Committee Andrew Tyrie is currently quizzing Bank of England bigwigs following claims made during the run-up to the EU referendum of bias towards the government and the Remain campaign. 

And Tyrie has said this is a “significant moment” for the Committee and the central bank.

Tyrie added that he wants to address the allegation in the run-up to the referendum that the Bank attempted to scare voters about Brexit for political motives.

Consumer confidence still lower than before Brexit

Two former chancellors and two former leaders of the Conservative Party claimed that the governor was working in the interests of David Cameron and George Osborne.

The claims call into question the independence of the Bank of England – which has been independent since 1997.

Tyrie warned that the claim is a “a very serious allegation”.

David Kohn, an external member of the Bank’s Financial Policy Committee, said the committee were in agreement on referendum risk and that there was no political pressure.

He said: “We looked at the potential risks that might emerge from a leave vote. All of us agreed it was the biggest near term risk to financial stability

Carney himself called the allegations “extraordinary in all senses of the word”.

He said “The chair [of the FPC] does not guide conclusions. The views of the FPC are the views of the FPC.

“What was in the March record are the views of the FPC, they are not pre-judged or pre-decided.”

Tyrie also asked whether the chancellor sought guidance from Carney on the likely “lines” the Bank would take on the referendum.

Carney said “he did not, that’s not the way it works”.

 

  • Robyn Hall

    So what do people think about this?