Bank of England governor says Brexit has damaged UK economy | Andrew Bailey

The governor of the Bank of England warned that Brexit had damaged the UK economy and urged ministers to rebuild relations with the EU.

Speaking at a Mansion House dinner in the City of London on Thursday evening, Andrew Bailey said he had no position on Brexit per se. However, he added: I must point out the consequences.

He said Brexit had strained the economy, pointing in particular to its impact on Britain's trade in goods. He added that this highlights why we must remain alert and welcome opportunities to rebuild relationships while respecting the decisions of the British people.

Bank governors have traditionally refrained from intervening in contentious political issues, but Bayliss's predecessor, Mark Carney, warned of the potential economic impact of Brexit before the 2016 referendum.

Services exports have increased significantly since Britain left the EU, but some goods exporters, especially small businesses, are struggling with so-called non-tariff barriers such as customs checks.

Keir Starmers' government has pledged to deepen cooperation with the EU, but Brussels has made clear it has no intention of opening wide-ranging negotiations on a Trade and Cooperation Agreement (TCA).

Labor is opposed to rejoining the EU single market or customs union. Instead, the government hopes to bring about more moderate changes, such as mutual recognition of professional qualifications and veterinary agreements, which could ease the need for checks on food exports.

The bank governor spoke against the backdrop of Donald Trump's threat to impose tariffs and import taxes on all foreign goods sold into the United States.

Bailey said he was opposed to this approach, saying he was an old-fashioned free trader.

My point is, he said, let us remember the importance of openness amidst the critical need to be vigilant against threats to economic security.

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Experts at the National Institute of Economic and Social Research have warned that if President Trump goes ahead with his plan to impose a universal tariff of 10% on all imports, Britain's growth rate could be reduced to 0.4% next year.

Prime Minister Rachel Reeves, speaking at the same event at the annual gathering of Britain's financial sector, praised the city, calling it the jewel of Britain's economy and saying post-crash regulations had gone too far.

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