Bailey says BoE must ‘take seriously’ risk to growth from Trump tariffs

The Bank of England (BoE) Governor Andrew Bailey expressed concerns about the economic risks posed by Donald Trump’s tariff policies, indicating potential interest rate cuts at the next Monetary Policy Committee meeting due to global trade uncertainties. Despite a lower 10% tariff on the UK compared to the EU’s 20%, Bailey warned that the UK’s open economy would be negatively impacted by a fragmented global market. In light of recent market volatility, BoE officials are reassessing their approach to monetary policy, weighing between aggressive and targeted interventions.