The Bank of England governor says that post-Brexit trade deals could lead to “a golden age of trade”.
Mr Carney’s speech yesterday did not use these words. It did discuss both opportunities and risks from Brexit, but to describe his comments as suggesting a “golden age of trade” is misleading.
“And will [the Prime Minister] also rule out a future customs union arrangement which would prevent us doing those global trade deals, which the Bank of England governor says is a potential golden age of trade?”
Henry Smith MP, 13 February 2019
In Prime Minister’s Questions today Conservative MP Henry Smith said that the governor of the Bank of England, Mark Carney, described post-Brexit trade deals as a potential “golden age of trade”.
Except, he didn’t.
After a speech at a Financial Times event yesterday, the Sun reported that Mr Carney “admitted Brexit could spark a golden era of trade,” and Mr Smith described the speech in a very similar way in parliament.
Mr Carney didn’t use the words “golden age” at all in the speech. While the Sun article didn’t directly quote him as saying that, to describe the speech (which was mostly discussing warning signs of a global economic slowdown) in that way is misleading.
On Brexit, Mr Carney actually said: “In many respects, Brexit is the first test of the new global order and could prove the acid test of whether a way can be found to broaden the benefits of openness while enhancing democratic accountability.
“Brexit can lead to a new form of international cooperation and cross-border commerce built on a better balance of local and supranational authorities.
“In these respects, Brexit could affect both the short and long term global outlooks so it's in the interests of everyone, arguably everywhere […] that a Brexit solution is found that works for all.”
We need facts more than ever.
Right now, it’s difficult to know what or who to trust. Misinformation is spreading. Politics and the media are being pushed to the limit by advancements in technology and uncertainty about the future. We need facts more than ever.
This is where you come in. Your donation is vital for our small, independent team to keep going, at the time when it’s needed most. With your help, we can keep factchecking and demanding better from our politicians and public figures.We can give more people the tools to decide for themselves what to believe. We can intervene more effectively where false claims cause most harm.
Become a donor today and stand up for better public debate, on all sides, across the UK.