mark carney: Mark Carney, the governor of the Bank of England, added that in the worst scenario, an unlikely disorderly no-deal Brexit, the economy would contract by 8%, house prices would tumble by 30% and interest rates would rise to combat inflation, according to The Guardian. Our job is not to hope for the best but to prepare for the worst, Carney said, as he described what could happen if MPs vote down May's deal on 11 December, and the government and parliament cannot agree on an alternative by next March. The Bank of England said on Wednesday that GDP would have been at least 1% higher in five years' time if the UK had voted to remain, while an official Whitehall analysis concluded that in all Brexit scenarios, including May's final deal, the UK would be worse off. The official warnings will lead Jo Johnson, a pro-remain Conservative MP who wants a second referendum, to warn on Thursday that the economic credibility of the Tories was now at stake while Brexiters accused the Bank and the Treasury of engaging in project fear . The Conservative party's reputation for economic competence would be undermined by implementing a botched Brexit, especially one that the government's own analysis suggests will cause economic harm, Johnson will say. Jeremy Corbyn said Labour will oppose Theresa May's botched Brexit, adding that her deal puts jobs, rights and people's livelihoods at risk . The proposed amendment said the party was opposing May's Brexit because she had failed to provide for a permanent customs union and a strong single-market deal. Carney's pessimistic Brexit prophecies look like last roll of dice Larry Elliott Read more Labour responded by tabling its own Brexit amendment rejecting May's deal on Wednesday night.
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