“ The governor of the Bank of England, Andrew Bailey, has warned that the economic cost of a no-deal Brexit would be bigger in the long term than the damage caused by Covid-19.
Bailey said failure to agree to a deal before the Brexit transition expires at the end of December would cause disruption to cross-border trade and damage the goodwill between London and Brussels needed to build a future economic partnership.
Speaking to MPs on the Commons Treasury committee, he said the fallout from the pandemic and the second national lockdown in England was having a much bigger short-term impact on the economy. However, “the long-term effects, I think, would be larger than the long-term effects of Covid. But … it would be better to have a trade deal, yes, no question about it.””
No-deal Brexit to cost more than Covid, Bank of England governor says | Brexit | The Guardian
Bailey said failure to agree to a deal before the Brexit transition expires at the end of December would cause disruption to cross-border trade and damage the goodwill between London and Brussels needed to build a future economic partnership.
Speaking to MPs on the Commons Treasury committee, he said the fallout from the pandemic and the second national lockdown in England was having a much bigger short-term impact on the economy. However, “the long-term effects, I think, would be larger than the long-term effects of Covid. But … it would be better to have a trade deal, yes, no question about it.””
No-deal Brexit to cost more than Covid, Bank of England governor says | Brexit | The Guardian
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