Author: News Desk

Bank of England governor says Brexit has undermined UK economy The Bank of England governor has urged ministers to “rebuild relations” with the EU, warning that Brexit has undermined the UK’s economy. Speaking at the Mansion House dinner in the City of London on Thursday evening, Andrew Bailey said he took no position on Brexit “per se”, but added: “I do have to point out consequences.” He said Brexit had “weighed” on the economy, pointing out in particular the impact of Brexit on the UK’s trade in goods. “It underlines why we must be alert to and welcome opportunities to…

Reeves warns financial regulation has gone ‘too far’ in pledge to unleash the City The Chancellor Rachel Reeves warned that financial regulation had “gone too far” last night as she pledged to rip up red tape and put the City watchdogs on a growth footing. In her maiden Mansion House speech in the Square Mile, Reeves said that regulatory measures brought in since the financial crisis in 2008 have looked to “eliminate risk” and had “unintended consequences” in hampering growth. “We cannot take the UK’s status as a global financial centre for granted,” she said. “In a highly competitive world…

Andrew Bailey, Governor of the Bank of England, said inflation has fallen “faster than we expected” but still warned that more progress would be needed on services inflation.

The UK grew at a slower pace than expected in the third quarter, according to new figures, with business groups pointing to the impact of uncertainty ahead of last month’s Budget.

The chancellor delivered her first Mansion House speech on Thursday as she urged the City regulators to allow financial service providers to take greater risks, saying that the rules introduced after the 2008 financial crash had “gone too far” and were harming growth.

The speech is an annual address to the City of London by the sitting chancellor. In her first address, she attempted to reassure the City that she had a growth strategy. Much of her speech is highlighted across print media and online this morning.

The Bank of England governor Andrew Bailey also gave a speech yesterday at the event in which said the UK must improve its relationship with Europe saying the “consequences of Brexit” were damaging the economy.

Much of Scotland, Northern Ireland and northern England will have a largely cloudy day, with the risk of rain in the west. Drier and brighter for the rest of England and Wales, with sunny spells. Temperatures a little above average. TONIGHT: Cloud and patchy rain will move southwards across Scotland, Northern Ireland and into northern England. Showers following, these wintry over the hills. Clear spells further south, with a patchy frost. Source: Met Office