UK needs to rebuild trading relationship with EU, BoE boss says
- The Bank of England Governor Andrew Bailey urged the UK to do everything to rebuild trade with the EU following a new UK-US trade deal on Thursday.
- This call follows concerns that Brexit decisions have reduced UK-EU trade and that global trade tensions have slowed economic growth and complicated dealmaking.
- The UK-US deal eliminated planned tariffs, cutting US import taxes on British cars from 27.5% to 10%, and removing a 25% steel tariff, while the UK talks with the EU continue ahead of a May summit.
- Bailey emphasized the significance of trade agreements, noting that initial US tariff proposals would have lowered UK economic growth by 0.3 percentage points over a three-year period.
- The Governor said rebuilding UK-EU trade would benefit the economy and inflation, suggesting the UK-US agreement could serve as a positive example globally.
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UK must 'do everything' to rebuild EU trade relationship as Bank of England governor slammed for 'trying to undermine our freedom'
UK must 'do everything' to rebuild EU trade relationship as Bank of England governor slammed for 'trying to undermine our freedom' - The governor of the Bank of England, Andrew Bailey, has said the UK must do "everything we can" to rebuild trade with the EU
·London, United Kingdom
Read Full ArticleUK needs to rebuild trading relationship with EU, BoE boss says
Britain needs to rebuild its trading relationship with the European Union, the Governor of the Bank of England Andrew Bailey told the BBC, adding that growing trade with the bloc would be beneficial to the UK.
·United Kingdom
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