Europe

Bank of England chief: won't make recommendation on EU vote

Bank of England Governor Mark Carney says the bank won't make a recommendation on whether Britain should remain in the European Union.

In testy exchanges before a House of Commons committee on Tuesday, Carney stressed that the bank would remain focused on safeguarding financial and monetary stability and that it wouldn't be drawn into taking a stand on EU membership.

However, Carney said some financial firms are making contingency plans to move should Britain vote to leave the EU in a June 23 referendum. Britain's financial center would undoubtedly lose some business if it leaves the single market and fails to negotiate agreements to replace existing arrangements.

Lawmaker Jacob-Rees Mogg accused Carney of coming out with the standard pro-EU lines. Carney shot back: "I'm not going to let that stand."