Bank of England governor hints that softening Brexit would help the UK economy [Video]

Bank of England governor Andrew Bailey last night said Britain should try to “rebuild relations” with the European Union in a bid to boost growth as the global economy fragments, writes John-Paul Ford Rojas.

Speaking in the City alongside UK Chancellor Rachel Reeves, Mr Bailey revealed he was a “free trader at heart” and that leaving the EU had weighed on the economy.

He said Britain’s recent performance was “not a good story” and that while he took a neutral position on Brexit, he must “point out consequences”.

He claimed that the “changing trading relationship with the EU has weighed on the level of potential supply” – meaning the capacity of the economy to produce goods and services.

“Impact on trade seems to be more in goods than services,” Mr Bailey said.

“It underlines why we must be alert to and welcome opportunities to rebuild relations while respecting the decision of the British people.”

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