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The Governor of the Bank of England has urged the UK to “rebuild relations” with the EU after Brexit. Andrew Bailey said in a speech that one of the consequences of the UK’s exit from the bloc had been weaker trade. He has avoided discussing the topic in the past due to the Bank’s independence from political interference.
Bailey said the changed relationship with the EU has “weighed” on the UK economy. “The impact on trade seems to be more in goods than services… But it underlines why we must be alert to and welcome opportunities to rebuild relations while respecting that very important decision of the British people,” he said.
Bailey also warned against focusing “just on the effects of Brexit” and highlighted the potential dangers from “geopolitical shocks and the broader fragmentation of the global economy”.
The Chancellor, Rachel Reeves, also told the same conference that the UK had to “reset” its relationship with the EU. She said that sustainable investments represented “a huge opportunity” and that the UK could not take its status as a global financial centre “for granted
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