In a recent speech, Andrew Bailey, the Governor of the Bank of England, urged the UK government to strengthen its relationship with the EU to mitigate the negative impacts of Brexit on trade. He acknowledged the complexities surrounding Brexit, noting it could be driven by various voter sentiments. However, he warned that the changing dynamics of trade have significantly affected the UK's economy. Bailey highlighted the priority of enhancing cooperation on financial services to boost economic efficiency and control inflation, especially against the backdrop of rising prices and global trade tensions.
Bailey emphasized that while Brexit may serve various political reasons, it is essential to mitigate its negative impact on trade for economic stability.
He stated that stronger ties with the EU could alleviate trade issues and enable better control of inflation, which spiked unexpectedly due to various costs.
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