Former Chancellor of the Exchequer- Brexit may bring , higher borrowing for households and businesses says Alistair Darling:
MORTGAGE rates could rise if Britain left the EU, the Remain camp has warned after the Bank of England said the in-out referendum had heightened financial uncertainty and could create a credit crunch. The Bank’s financial policy committee(FPC) said the value of the pound, which plummeted earlier this year amid Brexit fears, could weaken even further and have an impact on the cost and availability of finance for UK borrowers. In the minutes from its latest policy meeting, the FPC said: "The committee assesses the risks around the referendum to be the most significant near-term domestic risks to financial stability." It stressed how its outlook for the UK's financial stability had "deteriorated" since its previous meeting in November as dark clouds continue to circle over the global economy and the threat of Brexit disrupts the financial markets. Lord Darling of Roulanish, the former Labour Chancellor, speaking for Stronger In Europe, described the FPC’s ass...