Bank of England Governor Mark Carney denied allegations on Tuesday that the bank tried to frighten the British electorate into voting to remain in the European Union (EU) by using "phony forecasts and scare stories."
Carney was forced to defend a Bank of England report published in May that said quitting the EU was the biggest risk facing the U.K. and could force the economy into recession.
Speaking at a U.K. Treasury Committee hearing on Tuesday, he said the allegations against the Bank of England from two former U.K. Chancellors of the Exchequer and two ex-leaders of the Conservative Party were "extraordinary in all senses of the word."
"If we (the Bank of England) view something as the biggest risk, we have a statutory responsibility to make that clear," Carney told the committee.
"The assessment of financial stability in March … these are the assessments of the FPC (the Bank of England's Financial Policy Committee). It is an independent body. It is not based on whim, pre-judgment. It is based on analysis; robust debate; assessment. It is our duty to provide these assessments," he said separately.