Governor of the Bank of England Mark Carney has said that the bank will not be make any formal recommendation on the European Union ahead of the impending referendum.
Speaking in front of MPs, Carney said that the bank's report on the EU referendum is not comprehensive, but simply looks at how the EU affects the Bank of England's specific remit.
"We will not be making any recommendations with respect to that decision [the EU referendum]," he said.
The governor rejected claims by Tory MP Jacob Rees-Mogg, who said Carney is coming out with the same arguments as the pro-EU campaign, which is doing the Bank's reputation "harm" as they are speculative.
However, Carney strongly rejected the claim that the Bank was being biased, and said suggestions that the Bank is slanted are "entirely without foundation".
When the Conservative Steve Baker asked if the government had leant on the Bank of England to promote the dangers of Brexit, Carney replied:
We are expressing views that are the views of the institution. We are not leaned on by anybody. It would have no effect if they tried.
Also responding to Treasury Select Committee member John Mann's question on what the impact on jobs, wages and prices would be of leaving the EU, Carney said the Bank of England is focussing on the impact Brexit would have on financial and monetary stability.
It is not going to be forecasting on the impact of other issues, Carney said, as they are outside of the Bank's remit.
The testimony from Carney comes after the Treasury Select Committee published a letter it received from the Bank of England summarising the Bank's assessment of how EU membership affects its ability to achieve its statutory objectives.
The letter also considers how the government's new settlement for the UK within the EU might affect the ability of the bank to achieve its objectives.