Sharecast
    • {{ menus.user.data_crypt.email }}

webfg

{{ storiesRelated.title }}

  • {{ value.headline }}
    • Home
    • UK Shares
        UK SHARES
      • Home
      • Results
      • Broker Views
      • Director Dealings
      • IPO Centre
      • Company Diary
      • Regulatory News
      • Company A-Z
    • Market Data
        MARKET DATA
      • Overview
      • Indices
      • Currencies
      • Commodities
      • Gilts
      • ETFS
      • Bonds
    • Webfg News
    • Cryptocurrencies
    • Technical Analysis
    • Active Trader
    • Funds
        FUNDS
      • Funds Centre
      • Managers
      • News
    • Brokers
        BROKERS
      • Home
      • Forex
      • Shares
      • Binary Options
      • CFDs
      • Futures
      • Options
      • Spread Betting
    • Social trading
    • Spread Bet
        SPREAD BET
      • Learn
      • Strategies
    • Economic calendar
    • Portfolio
    • Watchlist
    •  More
      • Home
      • UK Shares
        • Home
        • Results
        • Broker Views
        • Director Dealings
        • IPO Centre
        • Company Diary
        • Regulatory News
        • Company A-Z
      • Market Data
        • Overview
        • Indices
        • Currencies
        • Commodities
        • Gilts
        • ETFS
        • Bonds
      • Webfg News
      • Cryptocurrencies
      • Technical Analysis
      • Active Trader
      • Funds
        • Funds Centre
        • Managers
        • News
      • Brokers
        • Home
        • Forex
        • Shares
        • Binary Options
        • CFDs
        • Futures
        • Options
        • Spread Betting
      • Social trading
      • Spread Bet
        • Learn
        • Strategies
      • Economic calendar
      • Portfolio
      • Watchlist

    This website is for Private Investors* only

    I am a private investor* I am not a private investor
    *A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
    1. Obtains access to the information in a personal capacity;
    2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
    3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
    4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
    5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
    6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
    o
    Forgot password?
    Don’t have an account? Sign In

    Tell us more

    You are seeing these quotes based on previous browsing related to sectors such as

    Sectors
    • High
    • Medium
    • Low
    Banking
    Energy Producers
    Engineering
    Mining
    Categories
    • High
    • Medium
    • Low
    Economy
    Market Report
    Companies
    Currencies
    1. 17 Feb, 2019
    2. Home
    3. News and Announcements
    Duncan Ferris WebFG News
    04 Dec, 2018 19:22 04 Dec, 2018 20:36

    Mervyn King blasts May's Brexit plan and BoE successor Carney

    theresa may brexit deal

    Former governor of the Bank of England Mervyn King on Tuesday launched an attack on the government, likening Theresa May’s Brexit deal to appeasement tactics used with Nazi Germany in the 1930s.

    The prominent Brexit supporter, who headed the UK’s central bank from 2003 to 2013, wrote in a piece for Bloomberg that current negotiations for leaving the EU represented one of “three episodes in modern history when the British political class let down the rest of the country”, the others being the appeasement of Hitler’s Germany and the economic decline of the 1970s.

    The lambasting of May's deal, which King labels a 'Betrayal of Britain', although he goes on to say that no "coherent" plan to deliver Brexit was ever presented, comes amid the start of five days of parliamentary debate on whether to accept or reject those terms.

    King stated that the British people had been promised by then Prime Minister David Cameron and his Chancellor George Osborne “that Brexit meant leaving Europe’s single market and customs union”, and that this was the Brexit that both main political parties should seek to deliver.

    He also branded the failure to plan, in the immediate aftermath of the referendum, for a ‘no deal’ scenario in which World Trade Organisation rules would have to be followed as “incompetence on a monumental scale.”

    Despite the above, Lord King goes on to argue that: "Leaving the EU is not the end of the world, any more than it will deliver the promised land. Nonetheless the country is entitled to expect something better than a muddled commitment to perpetual subordination from which the U.K. cannot withdraw without the agreement of the EU.

    "[...] If this deal is not abandoned, I believe that the U.K. will end up abrogating it unilaterally — regardless of the grave damage that would do to Britain’s reputation and standing. Vassal states do not go gently into that good night. They rage."

    The comments also followed testimony to the Treasury Select Committee by King's successor at the helm of the Bank of England, Mark Carney, who said that leaving the EU without a deal could lead to a 10% increase in food prices if no plans are put in place at UK ports, which he said were not ready to adhere to WTO regulations for imports and exports with the EU.

    Carney stated in November that the worst case scenario of a “disorderly no-deal” Brexit would see the UK’s economy contract by 8%, house prices fall by as much as 30% and interest rates jump to combat inflation.

    Instead, Lord King backed Nobel Prize winning economist Paul Krugman, who has branded BoE estimates on the damage that could be caused by Brexit as “dubious”, alleging that many of the negative impacts anticipated by Bank cannot be modelled and therefore, according to him, should not be taken into account too much.

    To back-up his argument, the well-known New York Times columnist cited past errors made in forecasts for emerging markets like Mexico.

    Although in Krugman's opinion Brexit was a "mistake", he too criticised what he considered to be insufficient contingency planning for a hard Brexit.

    "That said, it’s truly amazing that Britain finds itself in this position," Krugman wrote a few days before Lord King.

    "If the downsides are anywhere close to what the BoE asserts, given the risk — which we’ve known for a long time was substantial — of a hard Brexit, it was an act of utter folly not to have put in backup capacity at the borders."

    Advertising

    THE MOST READ

    • Credit Bank of Moscow eurobond sale greeted by strong demand
    • Trade talks to continue next week in Washington
    • RBS declares special dividend after doubling profits
    • Plus500 stumbles on annual report 'typo'
    • Credit Bank of Moscow Eurobond sale greeted by strong demand
    SEE THE FULL LIST

    SMART BOX info

    More about you
    • High
    • Medium
    • Low

    You are seeing these quotes based on previous browsing related to sectors such as:

    • {{ item.Description }}

    You are seeing these stories as you have shown an interest in the following categories

    • {{ item.Description }}
    Advertising

    RELATED NEWS

    {{ storiesRelated.scrollNewsPercent }}% Complete

    Mervyn King blasts May's Brexit plan and BoE successor Carney
    theresa may brexit deal
    Credit Bank of Moscow eurobond sale greeted by strong demand
    la-russie-denonce-une-hysterie-russophobe-du-royaume-uni
    Trade talks to continue next week in Washington
    trump xi acuerdo progresa
    FTSE 250 movers: Acacia Mining sparkles, Plus500 tumbles
    lingote oro gold
    Credit Bank of Moscow Eurobond sale greeted by strong demand
    la-russie-denonce-une-hysterie-russophobe-du-royaume-uni
    Weekly review
    London close: Stocks jump on retail sales figures, US-China trade talks
    chine-la-guerre-commerciale-une-occasion-d-acheter-ailleurs
    Plus500 stumbles on annual report 'typo'
    plus500
    Broker tips: The Restaurant Group, Domino's Pizza, BT
    Pizza Dominos shop store
    Jefferies sees BT worth 340p
    bt, openreach, cable, broadband, internet
    Egdon Resources' Springs Road well 'ahead of schedule'
    ep petroleo 20180716184714
    • Home
    • About us
    • Advertising
    • Terms & Conditions
    • Privacy policy
    • Cookies
    • Review preferences
    • Contact
    Back to the top

    © 2019 WebFG and Media Limited or its affiliated companies. All rights reserved.