UK must rebuild post-Brexit relations with EU, says Bank boss

The UK needs to “rebuild relations” with the EU while respecting the 2016 Brexit vote, according to Bank of England Governor Andrew Bailey. In a speech at the Mansion House to investors, Bailey made some of his clearest remarks on Brexit’s impact, noting it has led to weaker trade, particularly in goods.

Bailey, who has generally refrained from discussing Brexit due to the Bank’s political independence, acknowledged that the altered relationship with the EU has “weighed” on the UK economy. He clarified, “As a public official, I take no stance on Brexit itself, but I must highlight its consequences.”

He emphasised the importance of seeking opportunities to improve ties with the EU, without disregarding the referendum decision.

However, Bailey cautioned that the UK shouldn’t solely focus on Brexit, pointing to broader challenges like “geopolitical shocks and the fragmentation of the global economy.”

via BBC