Andrew Bailey, Governor of the Bank of England, stunned EU Rejoiners when he told a magazine that Brexit has provided chances for the UK.
In an even more startling move, Bailey, a Remainer, stated that the Bank of England’s and other institutions’ Project Fear “dire warnings” about Brexit during the referendum were incorrect.
The interview was given to the pro-EU magazine Prospect, which has been critical of Brexit and has published articles arguing for re-accession to the EU.
Bailey is the latest high-ranking official to admit that, despite claims to the contrary, Brexit is a success.
Mr Bailey said: “I think the post-Brexit landscape does give us opportunities.”
He then went on to admit that EU regulations did not suit the UK.
“You know, I’ve always said, not everything about EU regulation was best-suited to any national circumstances.”
And he admitted that claims made during the negotiations after the referendum – about the UK economy crashing because of Brexit and people being poorer as a result – were all wrong.
He said: “If you go back to the period after the referendum, there were pretty dire predictions about the consequences of Brexit for the financial services world, for the City of London. And I think so far those effects have been smaller.”
The Governor’s statements will be interpreted as a warning to Labour leader Sir Keir Starmer, who has made it clear that if he wins power next year, he intends to bind Britain to EU rules and regulations.
The Governor’s view, however, is a substantial shift in terminology from the Bank of England, which collaborated on Project Fear on the referendum with institutions such as the International Monetary Fund (IMF) and the Treasury when it was led by former Chancellor George Osborne.