Bank of England governor states Brexit has "impacted" UK economy
Date
11/16/2024 6:59:57 AM
(MENAFN) bank of England Governor Andrew Bailey has called on UK ministers to rebuild ties with the EU, warning that Brexit has weakened the country’s economy.
Speaking at the Mansion House dinner in London on Thursday, Bailey acknowledged the economic effects of Brexit, particularly its impact on trade in goods.
"I must highlight the consequences," said Bailey, stressing that Brexit has "burdened" the UK economy.
While Bailey refrained from taking a stance on Brexit itself, he pointed out the difficulties faced by goods exporters, especially smaller businesses, due to non-tariff barriers like customs checks.
His comments come as exports of services remain strong post-Brexit, while goods trade continues to face significant challenges.
Bailey emphasized the need to find ways to rebuild relations with the EU, while still respecting the results of the 2016 referendum.
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