Image by WEF (CC-BY-SA-2.0)
Daily Brexit Update: Friday 3rd August 2018
Next update will be on Monday 6th August 2018
Just after the Bank of England Monetary Policy Committee decides to raise interest rate to 0.75%, the governor of the Bank of England, Mark Carney, announces that the possibility of a no-deal Brexit is "uncomfortably high" and "highly undesirable".
This has also had a detrimental effect on the pound, which hit an 11 month low today.
But his comments made on the BBC Radio 4 Today programme have drawn citicsim from Brexiteers.
But the former Works and Pensions Secretary, the Tory MP Iain Duncan Smith, called it part of 'project fear' saying:
"There is no such thing as a no-deal, as the [World Trade Organization] is where the EU and the UK are already and as a rule-based organisation, both sides would have to abide by those rules."
And this of course is the crux of project fear – to make people think that no-deal means no trade, when in actual fact it means trading on slightly different terms!
And the economist Ruth Lea Tweeted out about the BoE crying wolf:
— Ruth Lea (@RuthLeaEcon) August 3, 2018
Jacob Rees-Mogg said yesterday that WTO Terms is where the country should be headed:
WTO terms are much better than remaining shackled to the EU. https://t.co/v72qSAKm47
— Jacob Rees-Mogg (@Jacob_Rees_Mogg) August 2, 2018
And more 'it was too complicated a question to ask ordinary people' talk about Brexit (video):
While the UKIP Leader, Gerard Batten, films for an upcoming piece on the resurgence of UKIP:
— UKIP (@UKIP) August 3, 2018