Banking Chief: Brexit Could Be a Test For The ‘New Global Order’
The banking chief made the comments on EU exit at a Financial Times event on Tuesday
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The Governor of the Bank of England Mark Carney has sidestepped his 'project fear' narrative on Brexit and is now saying that the UK's departure from the European Union could “broaden the benefits of openness” and enhance “democratic accountability.”
The banking chief made the comments in his speech at the Financial Times event on Tuesday, laying out a somewhat positive vision of global free trade and e-commerce following Brexit.
“In many respects, Brexit is the first test of a new global order and could prove the acid test of whether a way can be found to broaden the benefits of openness while enhancing democratic accountability,” Mr. Carney said.
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“Brexit can lead to a new form of international cooperation and cross-border commerce built on a better balance of local and supranational authorities.
“In these respects, Brexit could affect both the short and long-term global outlooks,” he added.
Carney also said that Brexit could force globalism to “reorder” itself.
He added that the “new rules of the road would be developed for a more inclusive and resilient global economy” as a consequence of Brexit and international “trade tensions.”
SMEs could also benefit from greater access to global markets thanks to e-commerce, he added.
Mark Carney explains why Brexit could be an "acid test" for how the world economy might fare under the new rules of trade https://t.co/8T34GOQV6R pic.twitter.com/hzwAREJ5tD
— Bloomberg (@business) February 12, 2019
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Carney says that freer trade in services could help “rebalance” the “prescriptive supranational rules to more differentiated, national approaches to achieve common outcomes.”
Although his speech touched on warnings like “countries turn inwards, undercutting growth,” his tone remained positive on Britain exit from the EU.
Mr. Carney last year claimed that a no deal Brexit would result in the UK experiencing a massive fall in GDP and a sharp rise in unemployment,
Brexitieer Mr. Rees-Mogg accused Mr. Carney of being “deeply politicized to the damage of the Bank of England’s reputation.”
The government in the United Kingdom has summoned on army reservists to deal with potential chaos on the streets following the country's exit from the European Union.
Government ministers published notices to the military requesting the deployment of reservists troops as London prepares for a no-deal Brexit on March 29.
