BoE's Andrew Bailey: We must rebuild UK-EU relations as global economy fragments

Mansion House speech

Bank of England governor Andrew Bailey has said the UK must consider rebuilding relations with the European Union, arguing that Brexit has dampened the country’s potential economic supply.

Speaking at the Mansion House Financial and Professional Services dinner on Thursday (15 November), the governor urged Chancellor Rachel Reeves to "welcome opportunities to rebuild" post-Brexit relations with the continent. "Now, as I have said many times, as a public official I take no position on Brexit per se. That is important. But I do have to point out consequences. The changing trading relationship with the EU has weighed on the level of potential supply," he said.  "The impact on trade seems to be more in goods than services, that is not particularly surprising to my mind. But...