The Bank of England Governor Andrew Bailey emphasized the necessity for the UK to rebuild its trade relations with the EU following a new US trade agreement. While remaining neutral on Brexit, he acknowledged the benefits of reversing the trade decline with the EU, the UK's largest trading partner. Current government discussions aim to reset trade and security ties with the EU. Bailey also pointed out the significance of the recent US-UK deal, which could lead to lowered trade barriers with the EU, thereby enhancing food and agricultural exports.
Andrew Bailey noted that reversing the post Brexit hit to UK-EU trade would be beneficial, emphasizing the need to rebuild Britain's trade relationship with the EU.
The importance of maintaining an open economy to trade with the EU is crucial for the UK's long-term economic position after Brexit, said Bailey.
The Governor highlighted the recent US deal as a stepping stone for the UK to pursue a veterinary agreement with the EU to reduce red tape.
Bailey remarked on the significance of UK’s global trade deals, emphasizing that they serve as important examples of trade negotiations that can successfully occur.
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