'Brexit biggest risk to UK economy'
As the UK is preparing to hold its historic vote on the EU membership, the head of the Bank of England says Britain's potential exit from the EU is the single biggest domestic risk to the nation's economy.
In a heated exchanges with the British lawmakers, Governor Mark Carney sought to dodge every effort to pin him to a position that either the "in" or "out" campaigners might use ahead of a June 23 referendum.
"The issue is the biggest domestic risk to financial stability because, in part, of the issues around uncertainty,” he said.
He stressed that the debate over continued EU membership also has the potential to "amplify risks" surrounding trade and investment, housing and financial markets.
However, he said international risks, such as recent volatility in China, were a greater problem for Britain's domestic economy, the AFP reported.
He also said he was aware that some financial firms were making contingency plans to relocate should Britain vote to leave the EU.
Despite heated questioning from lawmakers backing the campaign to leave, Carney stressed that the bank would remain focused on safeguarding financial and monetary stability and that it wouldn't be drawn into taking a stand on EU membership, the French new agency added.
During the debate, some lawmakers accuse Carney of coming out with the standard pro-EU lines and questioned the bank's independence in the debate. Carney rejected the accusation.
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