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Governor predicts 'opportunities'

Blanchflower says King ‘lacks credibility’ over Brexit

lord-kingA former member of the Bank of England’s monetary policy committee has questioned former governor Lord King’s credibility following his claim that Brexit might be good for Britain.

Lord King (pictured) said there were “real opportunities” for economic reform and new trade deals which meant Brexit could be a success.

He pointed to agricultural reform and a relationship with the Republic of Ireland as areas where the UK could be positive.

“I think the challenges we face mean it’s not a bed of roses, no one should pretend that, but equally it is not the end of the world and there are some real opportunities that arise from the fact of Brexit we might take,” he said in an interview with Radio 4’s Today programme.

“There are many opportunities and I think we should look at it in a much more self-confident way than either side is approaching it at present.

“Being out of what is a pretty unsuccessful European Union – particularly in the economic sense – gives us opportunities as well as obviously great political difficulties.”

But Danny Blanchflower, who was a member of the MPC under Sir Mervyn, said the former governor was “not credible as he missed the collapse of Northern Rock, the 2008-12 recession, the failure of RBS and gave a wrong interpretation on the impact of austerity.

“Every economist now thinks the economy is going to slow pretty fast,” said Blanchflower, speaking on LBC radio.

“The problem is we are going to be outside this free trade area with no idea who we are going to trade with.”

He said Sir Mervyn did not act when he should have done so, “which is why he has no credibility whatsoever talking about what’s coming.

“This is a political intervention and everybody should just ignore what he says.”



2 Comments to Blanchflower says King ‘lacks credibility’ over Brexit

  1. Of course Mr Blanchflower has never failed to correctly predict every market and economic event and movement in his life!!!
    ‘Every’ economist??? Is that every economist paid by Project Fear???
    I can supply plenty of Brexit supporting economists who say nothing of the kind.

  2. One thing is for sure is that a certain Mr. Blanchflower would ‘never make a political point’ – well he wouldn’t, would he?

    As it is I remember, as millions of others will here in the UK, all these economists who now say the UK economy will slow down (which it likely will due to trading world economics) was actually going to collapse only a few short months ago if the British people had the termerity to vote to leave the EU. Oh yes, that hasn’t happened has it!

    On your bike Mr. Blanchflower, we in the UK will either work for a better future for our country under our control or we will not, my guess is Mr. Blanchflower thinks we will not, mine and millions of others like me think we will.

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