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"For nearly a decade, I have been very careful to say that I take no position per se on Brexit, which was a decision by the people of the UK, and it is our job as public officials to implement it, Mr Bailey said. But, I quite often get asked a second question: what's the impact on economic growth? And as a public official, I have to answer that question. And the answer is that for the foreseeable future it is negative."
The Independent funds on-the-ground reporting across issues such as reproductive rights, climate change and Big Tech, produces documentaries like 'The A Word', investigates political financing, and keeps content free of paywalls relying on donations. Bank of England governor Andrew Bailey warned that Brexit will have a negative impact on UK economic growth for the foreseeable future while noting the economy is likely to adjust and find balance in the long term. Bailey highlighted a decline in the UK's potential growth rate from 2.5% to 1.5% over 15 years and linked the fall to lower productivity, an ageing population and trade restrictions including post-Brexit policies. Bailey said public officials must implement Brexit but acknowledge its negative growth impact.
Read at www.independent.co.uk
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