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:

Jacob Rees-Mogg said yesterday that WTO Terms is where the country should be headed:

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:

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