European Union Referendum Bill

The right hon. Gentleman is absolutely correct that the Bank of England is independent—in my estimation, it is one of the relatively few public authorities in the UK that keeps to that independence—but that creates a difficulty. If the Bank were to make an assessment coming down heavily in favour of the UK remaining part of the EU and warning of alarming consequences if it left, but the electorate voted the other way, the Bank would be left trying to deny its own previous warnings about the credibility of the currency and a range of other things. Its independence gives it a difficulty in making predictions.