Bank of England's Carney hits back at critics of Brexit scenarios

Media playback is unsupported on your device                  Media caption Brexit deal How will it affect chocolate supplies

The bank have been discussing the worst-case scenario in private for a couple of years.During the hearing Labour lawmaker John Mann thanked Carney for the analysis, which he said was "vital as part of this country's democracy".

But he told lawmakers that the price of food could go up by 10% if Britain left the European Union with no deal and no mitigating arrangements to avoid chaos at the country's ports.

"There's no exam crisis". The main takeaway should be that the BOE found that United Kingdom banks could withstand any outcome, he said, adding there is a low probability of the worst-case Brexit scenario materializing.Responding to criticism of the publication, Carney said that's an "unfair" attack.

Mr. Carney told MPs that in the most "extreme" case, prices would rise by 10 per cent, but in a less severe scenario the increase would be about six per cent.

"If you go to a more orderly scenario transition, it's something in the range of 6%".

While the Bank of England would respect "any path" taken by parliament, the governor said: "From a financial stability perspective, it's highly undesirable to be a rule-taker and lose supervisory autonomy for any considerable length of time".

"For individual food products it's going to vary".

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The Bank's Brexit report last week said a cliff-edge Brexit could see growth fall by up to 8%, the pound crash, inflation soar, interest rates jump, unemployment skyrocket and send house prices down by almost a third.

"But what people will do is that if the price of something goes up more than something else, they will switch products". He branded Carney "a second-tier Canadian politician" who had politicised the Bank of England.

But Carney defended the report, telling MPs it wasn't put together at last minute.

"There's no exam crisis. We didn't say up all night".

Mark Carney stressed the worst-case scenarios were "low-probability events in the context of Brexit" which the central bank needed to consider to make sure Britain's banking system could withstand any Brexit shocks. He also dubbed the criticism of the Governor by Brexiteer Jacob Rees-Mogg as being "contemptuous of Parliament".

"We would not be comfortable.outsourcing supervision of this incredibly complex, incredibly important financial sector", he said.

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