Andrew Bailey, the Governor of the Bank of England, has called for renewed efforts to rebuild trade ties with the European Union, warning that repairing the damage caused by post-Brexit disruption would be “beneficial” for the UK economy.
His comments come just ten days before a pivotal UK-EU summit in London, where Prime Minister Keir Starmer is expected to present a new strategic partnership aimed at “resetting” post-Brexit relations and reviving long-term trade flows.
“Having a more open economy to trade with the European Union … would be beneficial,” Bailey told the BBC. “There has been a fall-off in goods trade with the EU over recent years, and we must ensure Brexit doesn’t continue to damage the UK’s trade position.”
While stopping short of criticising Brexit directly, Bailey said reversing some of the negative economic consequences would support growth, particularly as the UK looks to reassert itself on the global trade stage.
The renewed focus on EU ties follows recent successes on other international trade fronts. Earlier this week, the UK signed a long-awaited free trade agreement with India, which Starmer described as a “landmark deal” projected to add £4.8 billion to the economy by 2040.
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