Brexit has undermined UK economy

Nov 15 2024 The Guardian

Bank of England governor says Brexit has undermined UK economy

Unless you have been living under a rock for the past few years, the fact that Brexit has had, and continues to have, a bad effect on UK trade and economy, should not come as a surprise.

First of all, it is a no-brainer that severing ties with your most important export market will hurt your economy. But still the discussion goes on, and politicians seem to live in their bubbles, are scared to point out the obvious, and focus on cosmetic tinkering.

Labour is opposed to re-entering the EU’s single market or customs union. Instead, the government hopes to win more modest changes such as mutual recognition of professional qualifications and a veterinary agreement that could alleviate the need for checks on food exports.

Practically every survey, at least all I have seen, say that Brexit has been bad for trade and economy, and the general consensus among business people seems to be that leaving the EU was a really bad idea.

At this point in 2024, this should not be news to anyone, but maybe it takes the Governor of the Bank of England to hammer the message home. Still even he thought that he has to be “politically correct”;

Speaking at the Mansion House dinner in the City of London on Thursday evening, Andrew Bailey said he took no position on Brexit “per se”, but added: “I do have to point out consequences.”

I do not think he was trying to make a joke, but that does sound like something out of Blackadder.