![](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/PA-77022080.jpg\"\/)
Play Brightcove video<\/p>\nPlay Brightcove video<\/p>\n
The Governor of the Bank of England has said Brexit slowed growth and that Britain should “rebuild relations” with the EU in a Mansion House speech, as ITV News Business and Economics Editor Joel Hills reports<\/strong><\/p>\n The governor of the Bank of England said he had a duty to “point out the consequences” of Brexit, in is annual Mansion House speech on Thursday night.<\/p>\n While insisting he takes no position on the UK’s decision to leave the EU, Mr Bailey said Brexit had slowed growth and had an impact on trade.<\/p>\n The UK must “rebuild relations while respecting the decision of the British people,”Mr Bailey told City bosses and Chancellor Rachel Reeves.<\/p>\n \u201cThe changing trading relationship with the EU has weighed on the level of potential supply,” he said.<\/p>\n \u201cThe impact on trade seems to be more in goods than services, that is not particularly surprising to my mind,” he will say.<\/p>\n \u201cBut it underlines why we must be alert to and welcome opportunities to rebuild relations while respecting the decision of the British people.<\/p>\n \u201cThe picture is now clouded by the impact of geopolitical shocks and the broader fragmentation of the world economy.”<\/p>\n The remarks come a week after Donald Trump won the US presidential election, with many economists questioning the potential impact of proposals to hike tariffs on all US imports.<\/p>\n Such a move could put pressure on UK goods prices, contributing to rising inflation, experts have suggested.<\/p>\n It also raises questions about the UK\u2019s current trade ties with the EU.<\/p>\n