Brexiteers have little but contempt for the Bank of England. Meet their ideal governor, eurosceptic Gerard Lyons
, meanwhile, is akin to “allowing someone to put their hands around your throat and to squeeze the life out of your economy”, he told attendees at an event organised by the Bruges Group, a conservative outfit.
In “Clean Brexit”, a book written in 2017 with Liam Halligan, a journalist, Mr Lyons explains how Britain can do much better. A no-deal Brexit might cause some short-term disruption, he concedes, but not much. Tariffs imposed by theon Britain “will be a manageable business cost” for most firms because the depreciation of sterling would make exports more competitive internationally. Problems surrounding the Irish border are waved away.
Mr Lyons likes to use the metaphor of the Nike “swoosh” to describe what would happen next. Disruption would cause a dip in growth, but once outside the’s “regulatory stranglehold” Britain could latch on to the coat-tails of fast-growing emerging markets. Brexit would also allow the British economy to look, in effect, more Chinese, through stronger export performance and more investment.
Many Brexiteers would love Mr Lyons to get the bank job . Whether it would be good for Britain as a whole is less clear. Mr Lyons has little experience of central banking. What would be widely construed as a political appointment would hurt the bank’s credibility among investors. Yet Mr Johnson’s cabinet is stuffed with radicals; one more would be no great surprise.
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