Though Brexit will negatively affect the United Kingdom\u2019s economic growth \u2018for the foreseeable future\u2019, the economy is expected to adjust and rebalance in the longer term, Bank of England governor Andrew Bailey recently said.<\/p>\n
\u201cLonger term, you will get some adjustment. Trade does adjust, it does rebuild,\u201d he said addressing the 40th G30 annual International Banking Seminar in Washington, DC.<\/p>\n
Though Brexit will negatively affect UK economic growth ‘for the foreseeable future’, the economy is likely to adjust and rebalance in the longer term, Bank of England governor Andrew Bailey has said.
\nThough AI is likely to usher in a breakthrough in long-term productivity, it may \u201cin the current circumstances, be a risk to financial stability through stretched valuations in the markets\u201d, he cautioned.<\/p>\n
Investment in innovation and new technologies may help address the decline in productivity growth in the long run, Bailey said.<\/p>\n
The United Kingdom\u2019s potential growth rate declined from 2.5 per cent to 1.5 per cent over the past 15 years, he noted, attributing the trend to lower productivity growth, an ageing population and trade restrictions, including post-Brexit economic policies.<\/p>\n
Though artificial intelligence (AI) is likely to usher in a breakthrough in long-term productivity, it may \u201cin the current circumstances, be a risk to financial stability through stretched valuations in the markets\u201d, he cautioned.<\/p>\n
\u201cIt doesn\u2019t undermine the fact that AI, in my view, is likely, in addressing this slower growth issue, that we have and the consequences of it\u2014that it is actually the best hope we have, and we really do need to do all we can to foster it,\u201d he added.<\/p>\n
<\/p>\n
Fibre2Fashion News Desk (DS)<\/p>\n
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