Former Bank of England governor Lord Mervyn King has warned that Britain is probably heading towards a ‘Brexit in name only’ amid “incompetent” preparations. The UK is due to leave the European Union on March 29 next year.
King, who has spoken favourably of Brexit in the past, said that “a government that cannot take action to prevent some of these catastrophic outcomes illustrates a whole lack of preparation”.
“It doesn’t tell us anything about whether the policy of staying in the EU is good or bad, it tells us everything about the incompetence of the preparation for it.”
King– who ran the Bank of England from 2003 to 2013– also said credible plans should have been put in place to leave without a deal because Britain could not impose one on the EU. Such plans could not be drawn up in six months and would take several years, according to latest reports.