The Bank of England's governor, Andrew Bailey, emphasized the need for the UK to restore its trade relations with the EU, especially after recent tariff reductions with the US. Despite not judging Brexit's impact, Bailey highlighted the significant drop in goods trade since the UK's exit. With a new UK-EU partnership approaching, he noted the importance of decisions made not to harm long-term trade. The UK also secured a trade deal with India, showcasing a commitment to global trade despite challenges following Brexit.
The EU remains the UK's largest trading partner, but in sectors such as food and drink, exports have tumbled by more than a third since Brexit. It is important we do everything we can to ensure that whatever decisions are taken on the Brexit front do not damage the long-term trade position, said Bailey. So I hope that we can use this to start to rebuild that relationship.
Bailey said that the UK's dealmaking is setting an important example to other countries. It demonstrates that trade deals are important, said Bailey. Trade deals can be done, and the trade is important honestly, it seems an unpromising landscape at times.
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