Bank of England Chief Warns Global Economy Faces Brexit-Like Trade Damage
Bank of England Governor Andrew Bailey has pointed to Brexit as a warning to the global economy about the damaging effects of trade barriers. According to his remarks at the Group of Thirty meeting, erecting trade restrictions negatively impacts growth despite eventual adaptation. The comments come as finance leaders gather for IMF meetings where tariffs dominate discussions.
Brexit Serves as Global Trade Warning
Bank of England Governor Andrew Bailey has pointed to Brexit as a cautionary example of how trade barriers can damage economic growth, according to reports from Washington where global finance leaders are meeting. Sources indicate Bailey told the Group of Thirty gathering that Britain’s departure from the European Union continues to weigh on the nation’s economic prospects despite some adaptation by businesses.