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Thursday, January 12, 2017

Carney Admits Project Fear Was Wrong

Mark Carney, currently Governor of The Bank of England, has finally admitted that the EU has more to lose from Brexit than the UK.

He also admitted that Britain's economy will defy his own gloomy forecasts, that formed the bedrock of Project Fear,and grow at a faster rate than expected.

The Bank of England is now “very likely” to improve its economic forecast next month, Mr Carney said as he said he was “surprised” that the economic slowdown that he forecast has not materialised.

He is quoted by the Telegraph:
"In the run up to the referendum we felt that it was the largest risk [to the economy]. There were a series of things that could have happened that would have had financial stability consequences. Of course having got through the night the day after the scale of the immediate risks around Brexit have gone down.

I am not saying there are greater short term risks on the continent in the transition than there are in the UK."

The question is, how much longer will he remain in his job?

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