Brexit impact on UK economy ‘negative for foreseeable future,’ Bank of England chief says

25 comments

1. It’s good we talk about it.

   The only person that benefits from making this a taboo subject is the token milkshake magnet. We might have actually come out of the Covid shock by now if it wasn’t for that shambles of a decision in 2016.

2. I think that is the nearest thing Sky News could find to a picture of Bailey actually face-palming at the mention of Brexit.

3. The people who caused Brexit want another ride. This time they will ride us all to the ground without a failure if we will let them.

4. Not sure what people were expecting to be honest, this sounds about right.

5. Now, how about some of that accountability to the snake oil sellers?

6. “negative impact for the foreseeable future” well no shit sherlock seems to be the appropriate reply, we binned off our biggest trading partners with no real idea where to go from there.

   The EU quite rightly are in the huff with us we are in the huff with them and our politicians continue to navel gaze rather than sorting the dumpster fire out. I suspect rejoining is probably off the table as we need a unanimous vote from members and I can think of one or two that would vote no.

7. Foreseeable future = forever

   Giving up seamless trade with the biggest and nearest trading partner will never be a positive.

8. How the hell is this headline the case while that tragic cunt Farage is being tipped for PM?

9. We’ve lost a potential 4% of our GDP due to Brexit.

   A more looming threat is that the UK government resists spending withing its means and ends up being bailed out by the IMF like Greece had to and their GDP is down 40% even today.

   The UK has a lot of economic problems but Brexit isn’t is a bit of red herring. It does suggest that there will be huge tax rises next month so its nice to see that the Bank of England and the government are already starting to ge their stories harmonious and straight.

10. But, hey!, let’s all go vote for Nige again!

    The people worst affected are going to be the worst affected again.

    They will never learn.

11. Thank you David Cameron. He panicked and was a coward.

12. It was never about the economy improving though was it? It was just about “taking back control”, whatever that meant/means. Loads of farmers who votes Brexit admitted within a couple of years they’d been hoodwinked and made the wrong choice.

13. You can’t fix a problem if you refuse to admit there is a problem. Most Brexit supporters can’t admit they were wrong, so conclude that our current problems are because we didn’t have a surficiently hard Brexit, or the evil EU are somehow stealing all our Brexit gains. I’ve given up talking to them, as their world view is on a par with flat earthers, and they refuse to accept economic data concluding it’s faked by the ‘deep state’ EU supporters.

    They somehow believe that our primary goal is to undermine the EU rather then try to build a productive trading relationships with them – they are our closest and most important trading partners. The only people who benefit from this attitude are US billionaires who want privileged access to our economy and see the EU as an enemy.

    We need to accept that Brexit didn’t produce the result we wanted, draw a line under it and work out how to prioritise rebuilding a trading relationship with the EU. I’m not advocating rejoining, that ship has sailed, but we need to stop trying to endless claiming Brexit was a success and there was no fallout, or somehow blame the EU for our current economic problems rather then just own them and move on.

14. People defending Farage say that he wasn’t involved in how Brexit was done, but I see him [here](https://www.bbc.co.uk/news/uk-politics-49482032) with extreme conviction say that he wants a no-deal one, threatening the Cons if they don’t go through one, so what’s the case in reality? (Here is Farage later boasting that he “killed the Liberal Democrats and hurt the Labour party” in said general election: https://www.bbc.co.uk/news/election-2019-50766123)

    [Ok, in the second link he says he got a Brexit he didn’t want, so I don’t know, did he influence the direction it went?]

15. And people want to make the mastermind behind this mess Prime Minister!

16. All quiet from the Brexit voters at the moment. They won. Should they not be telling us why this is a great thing and explaining why Remain voters have wrong about the economic consequences of Brexit?

17. We should be shown a benefit of Brexit or be charged with fraud against those that sold it as a benefit

18. >”Over the longer term, there will be – because trade adjusts – some at least partial rebalancing,” he added.

    That’s a very sugar-coated way of saying “negative forever”.

    Trade adjusts but no country will ever give you the level of access of the EU common market. If you rebalance away from the EU to third countries with higher trade barriers you can only get poorer, which is why businesses in any industry hated Brexit and especially the Canada-style Brexit engineered by the Conservatives

19. When Mark Carney initially warned the British public that Brexit would majorly harm and cost the British economy, UKIP supporters flipped shit at him for saying it. And then later some even blamed him for the economic dip that occurred afterwards!

    Brexit has been a fuckup of colossal proportions, and it’s pretty damn dispiriting to see how many people seem to be either genuinely incapable or stubbornly in denial of recognizing this.

20. And they want to give the architect of brexit another chance.
    What could go wrong?

21. I bet all that doomsday cultists that are desperate for us to bury ourselves in the false belief we will rise from the ashes like the phoenix are already calling this guy a moron who doesn’t know what hes on about.

22. No shit. Can we just we just bow our humble heads in shame and ask nicely to come back.

23. Imagine being thick enough to vote for farage after he manufactured this whole thing.

    He knew exactly what would happen (slower economic growth, GBP devaluation, significantly higher net migration) and he’s trying to capitalise on this by fooling the fools yet again.

24. Is this the same WOKE chief who is part of the DEEP STATE who conspired to remove our great QUEEN Liz Truss from office?

    /s

25. Worth remembering that Andrew Bailey only got the job because he was pro-Brexit

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