U.K. Lawmakers Ask Bank of England for ‘Full and Frank’ Brexit Analysis

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U.K. lawmakers have asked the Bank of England for a “full and frank assessment” of the consequences of Brexit before they vote on the final deal.

In a letter to BOE Governor Mark Carney, Treasury Committee Chair Nicky Morgan requested analysis of both any agreed accord and a no-deal scenario. The BOE should also consider providing an assessment for a outcome in which the U.K. leaves the European Union with no trade agreement at the end of a transition period, she said.

Without the input of the central bank, “any vote cannot be considered meaningful,” Morgan wrote. “This analysis will ensure that Parliament’s decisions are based on the best possible evidence.”

Morgan also asked Carney to provide clarity on a briefing he gave to the U.K. Cabinet on Sept. 13 at which he was reported to outline an extreme ‘no deal’ scenario where house prices would fall by a third.

The Treasury Committee in June requested details of the potential Brexit impact from the Financial Conduct Authority and the Chancellor of the Exchequer, as well as the BOE, risking dragging the central bank back into the mire of the political debate surrounding the decision to leave the trading bloc.

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