The former Bank of England (BoE) governor also hit out at the UK’s “political elite”, accusing them of allowing Britain to become a vassal state.
Mervyn King, an ex-BoE governor, has likened Prime Minister Theresa May’s draft Brexit deal to the appeasement of the Nazis in the 1930s, and described the ongoing shambles as “incompetence on a monumental scale.”
Hitting out at the withdrawal agreement, Mr. King, a proponent of Brexit, described the proposed deal as “a muddled commitment to perpetual subordination from which the UK cannot withdraw without the agreement of the EU.”
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Mr. King’s remarks follow a warning by BoE Governor Mark Carney that a hard Brexit could have profound adverse effects on the UK economy, dragging it into a deep recession and causing property prices to plummet across the country.
On Tuesday, Carney defended the central bank amid criticism from Brexiteers, who slammed the BoE for publishing “highly speculative” forecasts.
Mr. King said he supported such criticism of the BoE, adding that he believes the forecasts are “dubious.”
However, despite banks, economists and business leaders issuing countless warnings, Carney said the central bank’s stress tests found Britain’s financial sector to be resilient and capable of handling Brexit-induced economic shocks.
READ MORE: British PM May Holds Speech to Defend Her Brexit Deal in Parliament