The governor of the Bank of England said that the UK must “welcome opportunities to rebuild relations” following Brexit, as he backs the Chancellor’s plans to boost business investment and growth. Andrew Bailey discussed the importance of economic growth at the annual Mansion House speech in the City of London. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00Now, I've said many times as a public official,
00:02I take no position on Brexit per se,
00:04and that's very important.
00:05But I do have to point out consequences.
00:07The changing trading relationship with the EU
00:09has weighed on the level of potential supply.
00:12The impact on trade seems to be more in goods than services,
00:15which I don't think is particularly surprising.
00:18But it underlines why we must be alert to and welcome
00:20opportunities to rebuild relations
00:23while respecting that very important decision
00:25of the British people.
00:26But we shouldn't just focus on the effects of Brexit.
00:30The picture is now clouded by the impact
00:32of geopolitical shocks and broader fragmentation
00:34in the world economy.
00:37Now, I have to own up to being an old-fashioned free trader
00:39at heart.
00:40I think it's a British characteristic.
00:42I like to think it is.
00:44My point is this.
00:45Amidst the important need to be alert to the threats
00:47to economic security, let's please
00:49remember the importance of openness.
00:52It's an important determinant of productivity.