Brexit Vote May Spark Recession, Mark Carney WarnsNow, in July 2016, the Bank of England has produced a post-"brexit" report, and the news isn't good. Carney was right. (Many predicted Greece to be the domino that destroyed the EU, but it's just as likely that England will be.)
The Bank of England has given its starkest warning yet that a UK vote to leave the EU could hit the economy.
Mark Carney, the Bank's governor, warned that the risks of leaving "could possibly include a technical recession".
Prime Minister David Cameron said the warning amounted to "a very clear message" of the dangers of Brexit.
Vote Leave campaigners have strongly criticised Mr Carney, with one calling for him to resign.
However, a spokesman for Mr Carney rejected the call, saying the Bank had "a duty" to make its judgements known.
The Bank of England's Doom-Laden Predictions Are Beginning To Come TrueFor those who don't know, in 2013 Mark Carney was appointed to run the Bank of England. He previously worked for the Bank of Canada between 2003 and 2013, chief of the Bank of Canada from February 2008 until he left.
"The current outlook for UK financial stability is challenging," the Bank of England warned on Tuesday.
The central bank's Financial Policy Committee has released its biannual financial stability report looking at the financial health of Britain and assessing any changes to the outlook since the most recent report.
Canada had NO BANK FAILURES during the Great Recession of 2008 and 2009 while Carney was in control. Canada played by the old banking rules (i.e. Glass-Stegall type rules), not the fast-and-loose rules the rest of the world played by. It's not surprising that he knew better than the UK Ignorance Party.