Food bills could rise by 10% thanks to Brexit chaos, Mark Carney claims
Shopping bills could surge by 10 per cent in an extreme No Deal scenario, or six per cent if there was a transition period or with side-deals done, he told MPs on the Treasury Committee today.
He said: "In the most extreme scenario, on average your shopping bill goes up by 10 per cent because we have a 25 per cent depreciation."
And he said Brits would be forced to switch products if the price rises weren't even.
Last week the Bank released a scare-mongering report claiming the pound would take a huge dip, house prices would dive, and the economy would tank in the event of No Deal.
Today Jacob Rees-Mogg hit back at his claims, describing Mr Carney as a "second-tier Canadian politician" who had damaged the Bank's reputation.
But Mr Carney said: "The first set of criticisms of our releasing this information is, in our judgement, unfair…
"You asked for something that we had and we brought it and gave it to you."
He did admit that his warnings were unlikely to happen, however.
Theresa May faces the fight of her life today as she launches a last-ditch bid to get MPs behind her Brexit deal.
If MPs vote it down there's a chance that Britain could leave the EU next March with no deal at all in place.
Mrs May has said she won't delay Brexit to get a deal, and won't back another referendum on Brexit either.
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