Independent – Brexit will make Britain worse off, Bank of England Governor Mark Carney says

The Bank of England’s Governor, Mark Carney, has spelled out that in the Bank’s view Brexit will make Britain worse off than otherwise and also appeared to take an indirect swipe at the optimistic view that the UK can “have its cake and eat it” after leaving the European Union.

In his Mansion House speech on Tuesday morning Mr Carney said that “weaker real income growth [is] likely to accompany the transition to new trading arrangements with the EU”.

This assumption was embedded in the Bank’s latest official forecasts, which showed the level of UK GDP in 2019 relative to its pre-June referendum forecasts lower by around 1.5 per cent, or £30bn in today’s money.

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