Mark Carney’s stress tests reinvent project fear by accident

The grim scenarios presented to No 10 only arise because the Bank proposes to raise rates in a crisis. Why would it do that?

The case for staying inside the EU remains solid, but reinventions of project fear are wrecking the chances of ever persuading Leave voters, possibly in a second referendum, that quitting the single market and customs union would harm the economy irrevocably.

That’s because project fear – as first put forward by the Treasury before the referendum vote and supported by the likes of the International Monetary Fund – is full of almost as many barmy assumptions as are held true by Jacob Rees-Mogg and his European Research Group (ERG).

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