The former Governor of the Bank of England today lashed the PM’s Brexit deal – branding it a ‘humiliating submission’.
Mervyn King slammed Theresa May for signing up to the hated backstop plan, warning it gives the EU ‘a veto on ending this state of fiefdom’.
He said the UK if confronting a ‘deep political crisis’ comparable to appeasement with Nazi Germany in the 1930s and the era of economic chaos of the 1970s.
But he warned that the political class is hopelessly failing to live up to the challenge and refusing to carry out the kind of Brexit people voted for.
In an article for Bloomberg, Lord King said: ‘The Withdrawal Agreement is less a carefully crafted diplomatic compromise and more the result of incompetence of a high order.
‘I have friends who are passionate Remainers and others who are passionate Leavers.
‘None of them believe this deal makes any sense. It is time to think again, and the first step is to reject a deal that is the worst of all worlds.’
Mervyn King (file pic) slammed Theresa May for signing up to the hated backstop plan, warning it gives the EU ‘a veto on ending this state of fiefdom’
He said that arch Remainers like Tony Blair are uniting with leading Brrexiteers such as Boris Johnson to urge the PM to tear up her deal shows just how loathed it is.
Mrs May has faced a barrage of attacks from all sides over her deal’s controversial backstop – the plan for keeping the Irish border soft if no trade deal is done in time.
Under the hugely controversial backstop, the UK will stay tied to the EU customs union while Northern Ireland will have to carry out extra single market checks.
The plan is loathed by Brexiteers, who warn it will stop the UK from being able to strike new trade deals globally.
While the DUP – whose ten MPs are propping the Tories up in No10 – say it crosses their ‘blood red line’ that Northern Ireland must not be treated any different to the other parts of the UK.
Lord King savaged the backstop, writing: ‘It simply beggars belief that a government could be hell-bent on a deal that hands over £39 billion, while giving the EU both the right to impose laws on the U.K. indefinitely and a veto on ending this state of fiefdom.’
He said that voters were told that they would decide Brexit, but that most MPs are vehemently opposed to it.
He wrote: ‘Britain is not facing an economic crisis. It is confronting a deep political crisis.
‘Parliament has brought this on the country. It voted overwhelmingly to hold a referendum.
Theresa May (left in Downing Street last night) is struggling to get her Brexit deal through the Commons, as Attorney General Geoffrey Cox (right, on his way to cabinet today) faces the threat of a contempt charge from MPs for refusing to publish his legal advice
‘The public were told they would decide. And the rules of the game were clear: Fifty percent of the vote plus one would settle the matter.
‘The prime minister and the chancellor of the exchequer at the time said unequivocally that Brexit meant leaving Europe’s single market and customs union.
‘This was the Brexit that, after the referendum, both main political parties promised to deliver.’
He blasted Mark Carney and the Bank of England for the flood of doomsday predictions they issued last week about the economic fall-out of a no deal Brexit.
And he slammed ministers for not planning for no deal back in 2016, and he warned the country could erupt in civil unrest if the UK does not tear up the Brexit plan.
He wrote: ‘If this deal is not abandoned, I believe that the UK will end up abrogating it unilaterally — regardless of the grave damage that would do to Britain’s reputation and standing.
‘Vassal states do not go gently into that good night. They rage.
‘If this Parliament bequeaths to its successors the choice between a humiliating submission and the abrogation of a binding international treaty, it will not be forgiven — and will not deserve to be.’