Bank of England (BOE) governor, Mark Carney, while speaking after monetary policy announcement & inflation report release yesterday, warned that UK could suffer job losses, drop in sterling, rise in prices and economy may hit recession.

This sounded Bank’s most aggressive warning against Brexit so far. According to Mr. Carney Brexit could push the country towards at least technical recession. In addition to that BOE has axed growth forecast over the two years by 0.2%, to just 2% for 2016 and 2.3% in 2017 and 2018. He pointed that interest rates will have to rise in the event of Brexit and slowdown in economy, if Sterling’s drop leads to persistent high inflation.

Grim outlook also included warnings over capital flow. BOE feels, UK could find itself in financing difficulty if Brexit leads to sharp drop in capital inflows, more so, if current investments go out.

UK Chancellor George Osborne, seized the opportunity to say that BOE will be in difficult lose-lose situation, where the bank will either have to choose to raise rates, which will hit economy hard or let it be and inflation to eat into savings.

Brexit backers were furious over Carney’s comments and some even called for his resignation.

Pound initially rose after Governor’s comments but by the end of the day was back at where it started. Currently trading at 1.444 against Dollar.