Bank of England’s Brexit Warnings Slammed by Princeton Professor
- Mody says BOE is “cynically exploiting” its authority
- Governor Mark Carney has defended the BOE’s right to intervene
Brexit: Will the Polls Get it Right?
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The Bank of England is overreaching its mandate by intervening in the debate surrounding the U.K.’s referendum on European Union membership, according to Ashoka Mody, a former economist at the International Monetary Fund.
With just over three weeks before the vote, campaigning is intensifying and has split the ruling Conservative Party of Prime Minister David Cameron. While BOE Governor Mark Carney says his officials haven’t supported either side in the ferocious debate, the central bank’s detractors claim it’s become political by choosing to emphasize the risks attached to an exit.