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 rebuild relations while respecting the decision of the British people,” he added.
Bank governors traditionally refrain from wading into contentious political issues, but Bailey’s predecessor, Mark Carney, did warn about the potential economic impacts of Brexit before the referendum in 2016.
