Summary
Bank of England governor Andrew Bailey urged the UK government to minimize the negative effects of Brexit by enhancing alignment with the EU, particularly in reducing non-tariff barriers in financial services to promote trade and economic growth. His comments followed Prime Minister Sir Keir Starmer’s announcement of a “reset” deal with the EU aimed at cutting trade barriers. While acknowledging the challenges posed by Brexit, Bailey emphasized the benefits of increased openness in financial markets for both the UK and EU economies amidst rising market volatility.
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