No-deal Brexit could send food prices soaring, Bank of England warns


Bank of England Governor Mark Carney has defended the central bank's projections for the potentially major economic impact of Brexit which angered some lawmakers opposed to Prime Minister Theresa May's plans for leaving the European Union.

Carney also hit back at critics of the BoE report, which detailed several worst-case scenarios for Britain's economy, dependent on the nature of a Brexit deal (if any).

Carney told lawmakers on Tuesday that the scenarios set out by the BoE reflected preparatory work to ensure banks and other lenders were ready for Brexit, and were not off-the-cuff forecasts. "We didn't just stay up all night and write a letter to the Treasury Committee", Carney said. "You asked for something that we had and we brought it and gave it to you", he said.

Britain's vital financial sector could be undermined if MPs reject the Prime Minister's Brexit deal and instead push for the United Kingdom to adopt a Norway-style settlement, Mark Carney and his deputies have warned.

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Mr Carney said there was "no exam crisis" with teams of experts at the Bank behind the Brexit impact analysis, which he stressed was only published at the Treasury Select Committee's request. He also took a swipe at the bank's analysis, saying it "saddens me to see the Bank of England unnecessarily drawn into this project".

"For individual food products obviously it's going to vary but what people will do is what everyone does, it's that if the price of something goes up more than the price of something else, they switch products".

Some politicans have suggested a Norway-style Brexit could be a temporary solution for Britain as it struggles to find a way to strike a new long-term relationship with the EU.