The governor of the Bank of England, Andrew Bailey, has issued his starkest warning yet about the long-term impact of Brexit, saying that the economic consequences of Britain’s exit from the European Union will remain “negative for the foreseeable future.”
Speaking in Washington DC to a gathering of global central bankers, Bailey said he was not commenting on Brexit as a political issue but as a matter of economic fact.
“It’s my job as a public official to implement the decision taken by the people of the UK,” he said. “But if you ask me what the impact is on economic growth, I do have to answer that question — and the answer is that, for the foreseeable future, it is negative.”
“Over the longer term,” he added, “there should be a positive, albeit partial, counterbalance as the economy adjusts.”
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