Leading Brexiteer John Longworth trashed the Bank of England gloomy forecast for Brexit Britain’s economy.
Speaking to World at One, Longworth said that the Bank didn’t have a “good record” when predictions were concerned and that Governor Mark Carney’s statement on the current expectations sounded like “project fear all over again.”
“We have the Bank of England, the Treasury Department, the CBA all the working off the same model. All trying to preserve a poorer version of what we have at the moment.
He also slammed Government’s plans to negotiate with the European Union to strike a transitional deal to enter into effect after Britain exits the bloc in March 2019.
Longworth, who resigned from the British Chamber of Commerce (BCC) to serve as Chairman of the Vote Leave Business Council before the Brexit vote, said that membership of the single market was stopping the UK Government from growing the economy.
“The truth of the matter is that leaving the single market and the customs union frees the UK Government to introduce measures that it would be prevented from otherwise by the European Union.”
“It is completely wrong that we should have any transitional arrangements.”
According to Longworth, leaving the single market would allow the UK to “redeploy the net contribution” and “reduce the cost of living for hard working families.”
He suggested the Government set out “a five-year economic plan” in the November budget to implement right after the UK leaves the EU bloc.
“That will actually produce a boom in the economy and deal with the debt issue at the same time.”
Earlier today, Mark Carney announced that the Bank of England would cut growth forecasts and hold rates.
He justified the decision saying that Brexit uncertainty was “weighing on the decisions of some businesses” and caused a deceleration of the economic growth of the UK.
August 3rd, 2017: Express