Governor Andrew Bailey said he took no position on Brexit “per se”, but added: “I do have to point out consequences.”
The Governor of the Bank of England has confirmed what many of us already knew, that Brexit has been bad for the UK economy.
Speaking at the Mansion House dinner in the City of London last week, Governor Andrew Bailey said he took no position on Brexit “per se”, but added: “I do have to point out consequences.”
He said: “The changing trading relationship with the EU has weighed on the level of potential supply.
“The impact on trade seems to be more in goods than services, that is not particularly surprising to my mind.
“But it underlines why we must be alert to and welcome opportunities to rebuild relations while respecting the decision of the British people.”
“The picture is now clouded by the impact of geopolitical shocks and the broader fragmentation of the world economy,” he added.
According to Aston University Business School, the value of UK goods exported to the EU was 27% lower and imported goods 32% lower, compared to what the economy may have looked like if Brexit had not happened.
A report produced by Cambridge Econometrics commissioned by City Hall at the beginning of the year, found that the average Briton was nearly £2,000 worse off in 2023, while the average Londoner was nearly £3,400 worse off last year as a result of Brexit.
Basit Mahmood is editor of Left Foot Forward
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