{"id":509817,"date":"2025-10-18T16:21:05","date_gmt":"2025-10-18T16:21:05","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/509817\/"},"modified":"2025-10-18T16:21:05","modified_gmt":"2025-10-18T16:21:05","slug":"brexit-offers-world-a-warning-about-trade-barriers-boes-bailey-says","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/509817\/","title":{"rendered":"Brexit offers world a warning about trade barriers, BoE&#8217;s Bailey says"},"content":{"rendered":"\n<p class=\"yf-1090901\">By David Milliken<\/p>\n<p class=\"yf-1090901\">WASHINGTON (Reuters) -Brexit is likely to continue to weigh on British economic growth over the coming years, offering a warning to the wider world of the damage caused by erecting trade barriers, Bank of England Governor Andrew Bailey said on Saturday.<\/p>\n<p class=\"yf-1090901\">The BoE has long forecast that Britain&#8217;s 2016 vote to leave the European Union would hurt exports due to greater regulatory frictions, despite a 2020 agreement to keep tariff-free trade between Britain and the European Union.<\/p>\n<p class=\"yf-1090901\">&#8220;If you ask me what the impact is on economic growth &#8230; the answer is that for the foreseeable future it is negative, but over longer time (horizons) there should be a positive, albeit partial, counterbalance,&#8221; Bailey told the Group of Thirty, a gathering of central bankers and financiers in Washington.<\/p>\n<p class=\"yf-1090901\">Finance leaders from across the world have been meeting in Washington this week for the annual meeting of the International Monetary Fund, where the impact of U.S. <a href=\"https:\/\/finance.yahoo.com\/news\/live\/trump-tariffs-live-updates-trump-vows-export-curbs-india-hike-on-deck-china-and-canada-envoys-visit-us-200619355.html\" data-ylk=\"slk:tariffs;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\" target=\"_blank\" rel=\"noopener\">tariffs<\/a> have been high on the agenda.<\/p>\n<p class=\"yf-1090901\">Bailey said Brexit highlighted that businesses could adapt to tougher trade conditions, but that it took time and growth would still be less than otherwise.<\/p>\n<p class=\"yf-1090901\">&#8220;Make an economy less open and it will restrict growth, though over a longer time trade will adjust and rebuild. And, this appears to be what has happened. The same argument holds for the world economy and tariffs,&#8221; he said.<\/p>\n<p class=\"yf-1090901\">The British government&#8217;s Office for Budget Responsibility estimates that Brexit will reduce Britain&#8217;s long-term level of productivity by 4% compared with remaining in the EU.<\/p>\n<p class=\"yf-1090901\">Bailey also highlighted headwinds to growth from an ageing population and a lull in the pace at which technological progress translates into higher living standards.<\/p>\n<p class=\"yf-1090901\">(Reporting by David Milliken; editing by Dan Burns)<\/p>\n","protected":false},"excerpt":{"rendered":"By David Milliken WASHINGTON (Reuters) -Brexit is likely to continue to weigh on British economic growth over the&hellip;\n","protected":false},"author":2,"featured_media":509818,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5226],"tags":[25548,802,748,5286,2000,299,5187,1699,166802,4884,52163,16,15,166801],"class_list":{"0":"post-509817","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-brexit","8":"tag-andrew-bailey","9":"tag-brexit","10":"tag-britain","11":"tag-economic-growth","12":"tag-eu","13":"tag-europe","14":"tag-european","15":"tag-european-union","16":"tag-foreseeable-future","17":"tag-great-britain","18":"tag-trade-barriers","19":"tag-uk","20":"tag-united-kingdom","21":"tag-wider-world"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115396089265802189","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/509817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=509817"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/509817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/509818"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=509817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=509817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=509817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}