BBC1 News at One

On BBC1’s News at 1pm today, the presenter said (twice) that BoE governor Mark Carney said in his Mansion House speech that Brexit will “likely make people poorer”. Of course he did not.

The copy of his speech* shows quite clearly that what he actually said was that, “Monetary policy cannot prevent the weaker real income growth likely to accompany the transition to new trading arrangements with the EU.” There are three parts to that statement which belies the BBC’s negative interpretation: ‘weaker real income growth’ merely means that in Carney’s opinion real income GROWTH will not be as great — not that real incomes will likely decline; second, Carney claims only that ‘monetary policy’ cannot influence that ‘weaker’ growth, thus not ruling out any other policies that may do so; finally, he mentions only the expected “trading arrangements with the EU” without balancing it against the new arrangemnets expected with the rest of the world.

Unfortunately it is this kind of manipulation of comments made by government ministers or bank officials which the BBC is becoming increasingly adept at in its attempts to rubbish Brexit. Fake News abounds.
*http://www.bankofengland.co.uk/publications/Documents/speeches/2017/speech983.pdf

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