The headlines will inevitably write themselves. The Bank of England backs Theresa May. The Prime Minister’s beleaguered and precarious deal is the best of all the options available and the economy may well get through the next few months largely unscathed. Following the testimony this morning from the Bank’s governor Mark Carney, most people will pick up on the support he has given to the Prime Minister and his reassurance that the economy will survive our departure.
And yet there were two more significant points that emerged from his testimony. The Bank is finally willing to concede that leaving without a deal wouldn’t be so bad after all. And just at the moment when not leaving at all has become a real possibility, the Bank has given up on it.
Rewind a couple of years and the Bank of England was warning anyone who would listen that leaving the EU would be a catastrophe of apocalyptic proportions.
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