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Labour urges Osborne to reveal what he knew about Bank's 'Brexit' taskforce Labour urges Osborne to reveal what he knew about Bank's 'Brexit' taskforce
(35 minutes later)
The shadow chancellor has called on George Osborne to reveal what he knew about the Bank of England’s secret project to assess the economic risks if Britain votes to leave the European Union.The shadow chancellor has called on George Osborne to reveal what he knew about the Bank of England’s secret project to assess the economic risks if Britain votes to leave the European Union.
Chris Leslie questioned why the Bank had been trying to keep the project under wraps.Chris Leslie questioned why the Bank had been trying to keep the project under wraps.
Related: Secret Bank of England taskforce investigates financial fallout of BrexitRelated: Secret Bank of England taskforce investigates financial fallout of Brexit
The Bank accidentally revealed the existence of Project Bookend when its head of press emailed details to the Guardian.The Bank accidentally revealed the existence of Project Bookend when its head of press emailed details to the Guardian.
“There are a series of questions now that are really important,” Leslie told BBC Radio 4’s Today programme.“There are a series of questions now that are really important,” Leslie told BBC Radio 4’s Today programme.
“Is this an assessment and a set of conclusions that will be published? Will it be published in time for parliament and businesses and the public to properly consider it ahead of the referendum? What is the timetable for this Project Bookend and who is going to be involved? Is it going to actually consult with businesses and the public and the OBR [Office for Budget Responsibility] and the Treasury too?“Is this an assessment and a set of conclusions that will be published? Will it be published in time for parliament and businesses and the public to properly consider it ahead of the referendum? What is the timetable for this Project Bookend and who is going to be involved? Is it going to actually consult with businesses and the public and the OBR [Office for Budget Responsibility] and the Treasury too?
“This is, for me, a really important question: were the chancellor and the Treasury in on the secret? If so, when did they know and did they advise the Bank of England to publish it and, if not, are they undertaking their own assessment and will that be published too?”“This is, for me, a really important question: were the chancellor and the Treasury in on the secret? If so, when did they know and did they advise the Bank of England to publish it and, if not, are they undertaking their own assessment and will that be published too?”
Bank officials are likely to have kept the project confidential to avoid entering the highly charged debate around the EU referendum, which has jumped to the top of the political agenda since the Conservatives won an outright majority in the election earlier this month.Bank officials are likely to have kept the project confidential to avoid entering the highly charged debate around the EU referendum, which has jumped to the top of the political agenda since the Conservatives won an outright majority in the election earlier this month.
Many business leaders and pro-EU campaigners have warned that “Brexit” would hit British exports and damage the standing of the City of London. Many business leaders and pro-EU campaigners have warned that a “Brexit” would hit British exports and damage the standing of the City of London.
Owen Paterson, a former Tory cabinet minister and a prominent Eurosceptic, said the Bank’s investigation should include the option of remaining in the European Economic Area without being a member of the EU.Owen Paterson, a former Tory cabinet minister and a prominent Eurosceptic, said the Bank’s investigation should include the option of remaining in the European Economic Area without being a member of the EU.
“If the Bank does look at those very optimistic options, that is thoroughly worthwhile and I hope they will make those investigations public. It isn’t either ‘remain in the European Union or leap into the darkness’; there are other options,” he told the BBC.“If the Bank does look at those very optimistic options, that is thoroughly worthwhile and I hope they will make those investigations public. It isn’t either ‘remain in the European Union or leap into the darkness’; there are other options,” he told the BBC.
“The European Union is a political construct. The jobs and the prosperity are delivered by the membership of the market, the European Economic Area, which is the 28 members of the EU and three members of Efta (the European Free Trade Association).”“The European Union is a political construct. The jobs and the prosperity are delivered by the membership of the market, the European Economic Area, which is the 28 members of the EU and three members of Efta (the European Free Trade Association).”
The Bank of England said: “Information related to planned confidential Bank work on the potential implications of a renegotiation and national referendum on the UK’s membership of the European Union made its way into the public domain, due to an internal email sent inadvertently to an external party.The Bank of England said: “Information related to planned confidential Bank work on the potential implications of a renegotiation and national referendum on the UK’s membership of the European Union made its way into the public domain, due to an internal email sent inadvertently to an external party.
“It should not come as a surprise that the Bank is undertaking such work about a stated government policy. There are a range of economic and financial issues that arise in the context of the renegotiation and national referendum. It is one of the Bank’s responsibilities to assess those that relate to its objectives.“It should not come as a surprise that the Bank is undertaking such work about a stated government policy. There are a range of economic and financial issues that arise in the context of the renegotiation and national referendum. It is one of the Bank’s responsibilities to assess those that relate to its objectives.
“It is not sensible to talk about this work publicly, in advance. But as with work done prior to the Scottish referendum, we will disclose the details of such work at the appropriate time. While it is unfortunate that this information has entered the public domain in this way, the Bank will maintain this approach.”“It is not sensible to talk about this work publicly, in advance. But as with work done prior to the Scottish referendum, we will disclose the details of such work at the appropriate time. While it is unfortunate that this information has entered the public domain in this way, the Bank will maintain this approach.”
David Cameron has invited European commission president, Jean-Claude Juncker, for talks at Chequers, the prime minister’s country residence, on Monday.David Cameron has invited European commission president, Jean-Claude Juncker, for talks at Chequers, the prime minister’s country residence, on Monday.