The governor of the Bank of England has welcomed the Government’s efforts to forge closer ties with the EU, as he said that officials should work to “minimise” the effects of Brexit on trade.
Speaking in Dublin on Thursday, Andrew Bailey said in relation to Brexit “that we should do all we can to minimise negative effects on trade”.
With reference to the Windsor Framework, which he described as a “welcome step forward”, Mr Bailey said: “So too are the initiatives of the current UK Government to rebuild trade between the UK and EU.”
The Windsor Framework, agreed between the UK and the EU in 2023, amended the Northern Ireland Protocol and governs post-Brexit trading arrangements in the region.
Last week, the Government announced a deal with the European bloc that gives UK tourists in Europe easier access to passport e-gates, and frees up trade with the continent for farmers and food producers because of alignment on veterinary and plant standards.
It was also said that the UK and EU will work more closely together on defence and security, and will agree a “youth experience scheme” allowing young British people to travel and work on the continent.
Sir Keir Starmer said at the time the deal was announced that it is “time to look forward, to move on from the stale old debates and political fights”.
In an interview with the BBC earlier this month – before the deal was struck with the EU – Mr Bailey said that it would be “beneficial” to reverse the post-Brexit reduction in UK-EU trade.
He said: “It is important we do everything we can to ensure that whatever decisions are taken on the Brexit front do not damage the long-term trade position.
“So I hope that we can use this to start to rebuild that relationship.”
