Brexit-bashing former Bank of England boss Mark Carney backs Labour on economy

A BREXIT-bashing former Bank of England boss has come out in support of Labour’s economic plans.

Mark Carney declared Shadow Chancellor Rachel Reeves a “serious economist” in a surprise video message after her conference speech. 

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Former Bank of England Governor Mark Carney has criticised BrexitCredit: Getty

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Mr Carney delivers a surprise video message following Ms Reeves’ speechCredit: Reuters

The ex-Governor said: “She began her career at the Bank of England, so she understands the big picture. 

“But, crucially she understands the economics of work, of place and family. And, look, it is beyond time we put her energy and ideas into action.”

Since leaving Threadneedle Street in 2020 Mr Carney has been very critical of Brexit, blaming it for rising inflation. 

Ms Reeves’ spokesman was quick to stress he has no formal advisory role in Labour and her own personal views on Brexit are well known.

The spokesman dismissed concerns that Mr Carney’s support risked “politicising” the Bank of England, saying the Shadow Chancellor was “proud” to have his backing.

Mr Carney is the latest ex-public official to either directly or indirectly back Labour, with career civil servant Sue Gray memorably joined as Sir Keir Starmer’s top aide.

Former Business Secretary Jacob Rees-Mogg said: “This is no surprise, Carney was a highly partisan governor of the Bank of England who presided over a period of unsuccessful monetary policy that led to high inflation.

“That he is a socialist supporter fits in with his Europhile and green propagandising.”

Fellow Tory MP Jonathan Gullis added: “Mark Carney’s endorsement is a kiss of death.

“Mark Carney also talked down the UK by remoaning and scaremongering over Brexit, only to have to admit he was wrong, and recklessly experimented printing money and negative real interest rates. He is the poster boy for the failed consensus.”

Ms Reeves’ speech promised to “rebuild Britain” by staying laser-focused on economic growth.

She confirmed her intention to tax private schools 20 per cent VAT in her first budget if elected.

And the Labour aspiring chancellor also unveiled plans to clampdown on waste such as ministers’ use of private jets – although does not know how much it would save.

Chancellor Jeremy Hunt said one glaring omission was inflation, which Ms Reeves failed to name-check.

He said: “Oops…when the biggest single issue for the economy is inflation it doesn’t get ONE mention from the Shadow Chancellor?

“Because adding £28 bn a year to borrowing will push it up – meaning higher mortgages, higher debt interest and lower growth.”