Bank of England governor: Brexit vote has hurt real incomes – live updates | Business

Bank of England Governor Mark Carney said on Wednesday that real incomes are set to be 5% below pre-referendum forecasts by the end of this year.

Appearing before the Treasury Select Committee on Wednesday, Carney said that British incomes are currently 3.5% below where the central bank had forecast them to be prior to the June 2016 vote to leave the European Union.

Economists’ forecasts have been ridiculed for their inaccuracy in many pro-Brexit circles but Carney said the figures were “to be expected” given the effects of the Brexit vote on the economy.

“We’re in a transition period or a pre-transition period is perhaps a better way to put it,” Carney told the Treasury Select Committee.


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