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Mark Carney says Cameron's EU deal supports financial stability Mark Carney says Cameron's EU deal supports financial stability
(about 1 hour later)
The governor of the Bank of England has provided a boost to David Cameron’s bid to keep Britain in the European Union but faced accusations of bias from pro-Brexit MP Jacob Rees-Mogg.The governor of the Bank of England has provided a boost to David Cameron’s bid to keep Britain in the European Union but faced accusations of bias from pro-Brexit MP Jacob Rees-Mogg.
Mark Carney said the prime minister’s Brussels deal addresses issues identified by the Bank as necessary to secure the UK’s monetary and financial stability.Mark Carney said the prime minister’s Brussels deal addresses issues identified by the Bank as necessary to secure the UK’s monetary and financial stability.
While insisting that nothing the Bank said should be interpreted as backing EU membership, Mark Carney said the settlement negotiated by Cameron last month covered the issues highlighted by Threadneedle Street as important.While insisting that nothing the Bank said should be interpreted as backing EU membership, Mark Carney said the settlement negotiated by Cameron last month covered the issues highlighted by Threadneedle Street as important.
Related: EU referendum: Mark Carney, Bank of England governor, questioned by MPs about Brexit - Politics liveRelated: EU referendum: Mark Carney, Bank of England governor, questioned by MPs about Brexit - Politics live
The Bank’s assessment was contained in a letter sent by Carney to the Treasury select committee in which he outlined Threadneedle Street’s view of what Brexit would mean for the Bank’s ability to do its job.The Bank’s assessment was contained in a letter sent by Carney to the Treasury select committee in which he outlined Threadneedle Street’s view of what Brexit would mean for the Bank’s ability to do its job.
However, appearing before the committee on Tuesday morning, Carney had to fend off a strong attack from Conservative MP and Brexit supporter Rees-Mogg, who said it was “beneath the dignity” of the governor to be making “speculative” comments about the beneficial impact of EU membership. However, appearing before the committee on Tuesday morning, Carney had to fend off a strong attack from Conservative MP Rees-Mogg, who said it was “beneath the dignity” of the governor to be making “speculative” comments about the beneficial impact of EU membership.
Carney said the Bank’s analysis - first outlined in a report published last October - was well grounded, and his discussions with Cameron and the chancellor George Osborne were about the specific issues that affected the Bank’s twin aims of controlling inflation and ensuring financial stability. Carney said the Bank’s analysis – first outlined in a report published last October – was well grounded, and his discussions with Cameron and the chancellor, George Osborne, were about the specific issues that affected the Bank’s twin aims of controlling inflation and ensuring financial stability.
“I have not spoken with the prime minister about what I might say about the EU,” the governor said.“I have not spoken with the prime minister about what I might say about the EU,” the governor said.
“The Settlement (reached by Cameron) explicitly recognises the needs of the UK to supervise its financial stability, while not impeding the implementation of necessary, further integration amongst members of the euro area. It makes clear that the UK retains responsibility for supervising its financial stability, financial institutions and markets as well as maintaining responsibility forthe resolution of failed financial institutions within its jurisdiction.” “The settlement (reached by Cameron) explicitly recognises the needs of the UK to supervise its financial stability, while not impeding the implementation of necessary, further integration amongst members of the euro area. It makes clear that the UK retains responsibility for supervising its financial stability, financial institutions and markets as well as maintaining responsibility for the resolution of failed financial institutions within its jurisdiction.”
The Bank letter adds that the settlement acknowledges that one-size fits all legislation affecting the City is not necessarily appropriate for countries, like the UK, that are not going to be part of Europe’s plan for a banking union. The Bank letter adds that the settlement acknowledges that one-size-fits-all legislation affecting the City is not necessarily appropriate for countries, like the UK, that are not going to be part of Europe’s plan for a banking union.
“It recognises that there is more than one currency in the EU and makes a legally binding commitment to ensure non-discrimination in the single market on the basis of currency. Finally, it makes a series of commitments to improve the competitiveness of the EU economy - commitments, to the extent they are fulfilled, that would reinforce the positive impact of EU membership on the Bank’s secondary objectives.” “It recognises that there is more than one currency in the EU and makes a legally binding commitment to ensure non-discrimination in the single market on the basis of currency. Finally, it makes a series of commitments to improve the competitiveness of the EU economy – commitments, to the extent they are fulfilled, that would reinforce the positive impact of EU membership on the Bank’s secondary objectives.”
In his evidence, Carney said it was in the interests of the UK for monetary union to be put on a sounder footing.In his evidence, Carney said it was in the interests of the UK for monetary union to be put on a sounder footing.