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Ex-Bank of England boss – UK is neglecting deep problems with economy

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Ex-Bank of England boss - UK is neglecting deep problems with economy

Britain is neglecting profound problems in its economy because of its fixation with Brexit, former Bank of England Governor Lord Mervyn King told Sky News.

Lord King said there would be a new election and a new parliament to resolve the crisis – and said Brexit's strategy should be "just do it".

Speaking on the sidelines of the International Monetary Fund's annual meetings in Washington DC, the former governor warned that the global economy – including the United Kingdom – risked being trapped in a "major stagnation", with income paralyzed for years.

He also warned that Brexit was now disrupting UK problems.

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Lord King said: "We are not looking at the underlying economic challenges for the UK. We have one of the lowest economy rates in the UK economy of any G20 country except maybe Argentina. We are not saving enough to fund our pensions or take care of. elderly or finance infrastructure.

"These are the big challenges. What do we do with the education of 50% of people who don't attend colleges or universities? It's a pity that this issue (Brexit) has dragged on for so long."

Referring to Boris Johnson's draft agreement, Lord King said: "It is frustrating for parliament not to make up its mind and have failed to vote, but let's hope they do. I think most people think this happened because long time". long and just have the view: do it.

"It would be great to be able to stop talking about it. Everyone is completely fed up with what's going on."

"We need a new parliament. We need an election."

Boris Johnson insists he will not delay Brexit beyond October 31, although an amendment is approved to that effect.

Challenging PM: I won't negotiate a delay

Lord King added that many economists were exaggerating Brexit's potential economic costs: "The decision to leave the EU is unlikely to have a major impact on the UK economy at all … I think there is a huge and false amount of to justify positions held for other reasons ".

He warned that, based on his current trajectory, the recent financial crisis and recession appeared to be more negative for long-term per capita income than the great depression of the 1930s.

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