FPC member RIchard Sharp first target for the TSC interrogators 12 July 2016
Chairman of TSC opens up by trying to establish if there's any truth in accusations that the BOE had deliberately scared the UK public and had a politically backed motive in its pre-Brexit assessment.
Serious issues here. Carney now being questioned
Carney:
- some criticism of BOE has been extraordinary in all sense of the word
- had a wide range of discussions with fin min Osborne understandably
- did not pre-determine stance taken by BOE's FPC or MPC on Brexit risks
- Minutes available from official discussions but none from private
- should be wary about establishing a precedent that limited free discussion with fin min
Carney seemingly very reluctant to reveal content of Osborne discussions.
The meeting commenced with a nod to the MPC announcement on Thursday and TSC chair said they respected that Carney & Co may wish to not give too much away, understandably
