Thu, 08 May 2025

Thu, 08 May 2025 UK must 'do everything' to rebuild trade with EU, says Bank boss

Andrew Bailey told the BBC that as a public official he did not take a view on Brexit, but that reversing the post Brexit hit to UK-EU trade would be "beneficial".

* Reversing the post-Brexit hit on UK-EU trade would have a positive impact on the economy and inflation.
* A closer relationship between the UK and the EU is important because the EU is the UK's largest trading partner, with the UK having seen a fall-off in goods trade with the EU over recent years.
* The Governor hopes that the US deal will be used to start rebuilding the UK-EU trade relationship, allowing for alignment on standards to lower post-Brexit red tape on food, farm and fish exports.
* Bailey also believes that the UK's deal-making across the world is setting an important example to other countries, demonstrating that trade deals are possible and can be beneficial.
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