Since last year Maduro’s government has been trying to repatriate gold from the Bank of England, fearing it could be caught up in international sanctions against his administration.
The fortress walls of the Bank of England project an image of solidity, stability and impregnability. It matches the reputation it has tried to build over more than 400 years for sober analysis and, in recent years, steady impartiality.
Yet its defences have been infiltrated.
The BOE’s scenarios were more extreme than the government’s, and prompted criticism from some lawmakers, who accused Carney of undermining the BOE’s credibility.
Witnesses: Dr Mark Carney, Governor, Bank of England, Ben Broadbent, Deputy Governor for Monetary Policy, Bank of England, Sir Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England, and Sam Woods, Deputy Governor for Prudential Regulation, Bank of England and Chief Executive Officer, Prudential Regulation Authority
Subject: The UK’s economic relationship with the European Union
Although there has probably never been a golden age when a revered establishment was held in high regard both publicly and privately, the current position is worse than normal and continues to deteriorate.
The problem is that people are right to be distrustful, for there is an effort both to frighten and to gull them into acquiescing into a non-Brexit Brexit.
The Bank of England sparked a row today after publishing analysis of its ‘worst case Brexit scenario’ just 13 days ahead of a crucial Parliamentary vote on Theresa May’s deal.
The Remain campaign put economic risk front and centre – and they lost. And yet the anti-Brexit set still seem convinced that more gloomy prognostications will eventually bring Leave voters to their senses.
They’re wrong. So painfully wrong that it is hard not to put it down to pig ignorance.
Yesterday, the UK government and the Bank of England separately presented their analyses of several different ‘scenarios’ for the UK economy after Brexit. Unsurprisingly, given the anti-Brexit prejudices in establishment circles, both conclude that the best result for us would be to remain in the EU.
(28.11.2018) Brexiteer Jacob Rees-Mogg has dismissed the governor of the Bank of England as „a second-tier Canadian politician“ who „got a job in the UK“.
(25.10.2017) He added: “Mark Carney is one of the enemies of Brexit. He has opposed it consistently.”
Carney, the Canadian central banker who was handpicked in 2012 for his role at the Bank by George Osborne when chancellor, warned about the economic risks of Brexit during last year’s referendum campaign.
Der Konjunktureinbruch wäre unter anderem auf zwei Dinge zurückzuführen:
– die befürchtenden Auswirkungen der Staus an den Zollstellen
– und ein Vertrauensverlust an den Märkten.
Bank warns of immediate economic crash, GDP to fall by 8%, unemployment to rise to 7.5%
But MPs would then stare into the „abyss“, she said, recognise that a no-deal Brexit would be a disaster and another referendum too risky, and would then approve the deal – perhaps slightly modified – when brought back to them a second time.
This is what ministers refer to as the „TARP model“ – as recently coined by former government aide Rupert Harrison.
For the uninitiated, TARP was the US scheme to bail out bust banks after the Crash in 2008.
Bank of England Governor Mark Carney gave a guarded welcome to Prime Minister Theresa May’s Brexit deal as he confirmed the bank would deliver its verdict on the agreement next week.
Addressing lawmakers Tuesday, Carney said the withdrawal agreement would eliminate some of the uncertainty that has surrounded the British economy since the country voted to leave the EU in June 2016. It would provide businesses the platform to plan and invest.
The Bank of England governor spoke to MPs on the Treasury Select Committee about the importance of there being a transition period for the UK’s divorce for the EU. Mr Carney warned that if there is no deal, then it could greatly harm the economy with the bank being unable to do much to rectify the damage. He told the committee:
Tens of thousands will attend the IMF-World Bank meeting in Bali.
The Bank of England governor and the head of the International Monetary Fund praised the abilities of Federal Reserve Chairman Jerome Powell on Thursday, after U.S. President Donald Trump said the Fed had “gone crazy” by raising interest rates.
“I’m delighted that the governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union and provide vital stability for our economy.”