Mark Carney sparks fresh row with Theresa May and insists firms be told ‘as much as possible as early as possible’ so they can prepare for Brexit
He also said 'the UK is effectively the investment banker for Europe'
BANK of England boss Mark Carney has sparked a fresh row with Theresa May by demanding she spells out more on her Brexit blueprint.
The outspoken governor insisted firms must be told “as much as possible, as early as possible” so they can plan ahead.
But he also lashed out at EU bosses at the same time, to insist cutting off the City would do major damage to firms within the EU, as “the UK is effectively the investment banker for Europe”.
Instead, Mr Carney also called on both sides of the Brexit negotiations to ensure an “orderly transition” to avoid trade dropping off a cliff edge.
The money chief’s latest intervention in the Brexit debate sparked a curt response from No10.
Slapping down Mr Carney, the PM’s official spokeswoman said: “What matters the most for British business is the outcome at the end of the negotiations.
“That is what we are focused on, and our approach is guided by that.
“When we can provide more certainty, we will do so.”
Challenged by Green MP Caroline Lucas during PMQs on why she has given away little away so far, Mrs May hit back: “I’ve been very clear.
“We are ambitious in getting the best possible deal for trading with and operating within the single market.”
related stories
The controversial Canadian has clashed repeatedly with the new PM during her tenure in No10, including over who should control monetary policy.
He was blasted by Leave backers during the EU referendum for appearing to side with George Osborne’s Project Fear scare campaign when he predicted a recession if the nation voted for Brexit – which he has rowed back from.
After the tensions, last month Mr Carney revealed he would only serve one extra year as Bank boss and will leave in 2019 rather than 2021 as was expected.
Mr Carney warned yesterday on rising household debt - but also acknowledged the UK’s financial system has “stood up well” post-Brexit vote.
Figures from the Bank this week show consumer debt, which includes credit card use and overdrafts, is rising at its fastest pace for 11 years.
He said: “We are going to remain vigilant around the issue, because we have seen this shift.”
The Bank will also continue to monitor the buy-to-let housing market, an area it has previously expressed concern about.
But on a more upbeat note the Governor added of the country since June 23: “The UK financial system has stood up well, dampening rather than amplifying volatility in financial markets.
“Households and businesses have, as a result, been able to focus on what they should: whether a new home is right for their families or whether a new investment would help them better serve their clients.”
An MP is trying to force Theresa May to deliver on her pledge begin formal EU exit talks by the end of next March.
Tory Leave campaigner Peter Bone hopes to pass a law that will make it legally binding for the PM to trigger Article 50 by then.