23/05/2018

DUP Accuses BoE Governor Of 'Extremely Misleading' Information

The DUP have criticised the Governor of the Bank of England (BoE) over so-called "extremely misleading" comments about the effects of Brexit.

Sammy Wilson MP for East Antrim said the Governor's claims that the decision to leave the UK "has left every household £900 worse off", were "yet another example of the desperation of the pro-EU establishment to bring influence to bear and keep us tied to the EU".

Mr Wilson said: "The fact that Mark Carney had the audacity to make any comment on this issue is in itself amazing. This is the man who told us that immediately after a decision to leave the EU, the United Kingdom would go into a recession. In fact the economy grew last year by 1.8%.
News Image
"The Bank of England also predicted that unemployment would stay above 5% in fact it has fallen to 4.2%, the lowest level in forty five years and every region has been affected. We were told that interest rates would soar but they have remained at near zero percent. On top of that exports are soaring. That's good for jobs especially in export orientated regions like Northern Ireland. The stock market has topped the highest level ever which is good for people with money invested in pension schemes. Mystic Meg would probably be a more reliable predictor of our economic future than the flawed models and the politically motivated predictions of the Bank of England.

"As to this figure of every household being £900 worse off, it is little more than statistical skulduggery. It was arrived at by comparing actual growth with the rate of growth predicted by the Bank of England. No one including the Bank of England knows whether its predicted figure of 2.8% would ever have materialised. Indeed, given how inaccurate its previous predictions were it is most unlikely that the 2.8% prediction is anything other than a growth rate picked out of the air. That being the case, the £900 figure is speculative at best and downright misleading at worst.

"The fact that it is being used by Europhiles to argue that we stay in the EU shows that it is more a political tool than a realistic economic assessment.

"I always predicted that the pro EU political establishment, the chattering classes in the pro EU media, the various industrial, environmental, community groups who are financially and in terms of influence in hock to the EU would continue their project fear. However they could at least use figures which are less blatantly transparent than this nonsense which a decent A-level economics student would see through."

(MH/LM)

Related Northern Ireland News Stories
Click here for the latest headlines.

23 September 2016
Call For NI To Legalise Equal Marriage
Northern Ireland needs to legalise equal marriage as soon as possible, according to the Alliance Party. The party made the call after the government of Guernsey recognised the rights of all citizens to be married.
17 February 2020
PSNI Issues Cold Caller Warning
The PSNI is calling for vigilance amid a spike in fraudulent phone calls in Belfast. A number of reports that persons claiming to be from the police or a reputable businesses have emerged in recent days, Chief Superintendent Simon Walls warned.
09 June 2016
Referendum Vote Registration Deadline Not Extended In NI
The extension of the deadline for registering to vote in the EU Referendum does not include NI, the Electoral Office for Northern Ireland (EONI) has reported. The EONI had posted on Twitter on Wednesday that the deadline had been extended until midnight today (Thursday 09 June) – news that was widely reported.
31 January 2020
Concern As UK Coronavirus Cases Confirmed
Concern is growing as two cases of coronavirus are confirmed in the UK. The patients, who are both from the same family, were diagnosed as the World Health Organisation declared a public health emergency of international concern.
30 July 2013
Queen's Contributes To EU Weather Project
Queen's University Belfast has become part of a UK group that will build a key instrument in new European weather satellites. Research by Queen’s University’s Institute of Electronics, Communications and Information Technology (ECIT) has led to major advances in the design and manufacture of the next generation of Earth observation satellites.