theguardian.com
Brexit's Economic Impact and the Call for Improved EU Relations
Bank of England governor urges UK to mend ties with EU after Brexit, warning of economic consequences and highlighting the impact of trade barriers while also addressing concerns of potential US tariffs.
English
United Kingdom
PoliticsInternational RelationsEconomyEuropean UnionUkTradeBrexit
Bank Of EnglandEuropean UnionLabour PartyNational Institute Of Economic And Social ResearchCity Of London
Andrew BaileyMark CarneyKeir StarmerDonald TrumpRachel Reeves
- How has Brexit specifically impacted UK trade?
- Bailey emphasized that Brexit has particularly affected the UK's trade in goods due to non-tariff barriers, such as customs checks, impacting smaller businesses disproportionately.
- What is the main point of Andrew Bailey's statement?
- Andrew Bailey, the Bank of England governor, urged the UK government to improve its relationship with the EU, arguing that Brexit has negatively impacted the British economy.
- What is the performance of services exports post-Brexit?
- While services exports have shown strength since Brexit, many goods exporters, especially smaller firms, have struggled with increased customs checks and other trade barriers created by Brexit.
- What is Labour's approach to resolving trade issues with the EU?
- Labour's proposed solution involves seeking more modest changes like mutual recognition of professional qualifications and a veterinary agreement to ease food export checks, rather than rejoining the EU's single market or customs union.
- What is the potential impact of Donald Trump's proposed tariffs on the UK?
- The looming threat of US tariffs on all foreign goods, as suggested by Donald Trump, adds further economic uncertainty for the UK, potentially reducing the country's growth rate significantly, according to the National Institute of Economic and Social Research.