Brexit Will Damage The UK Economy 'For The Foreseeable Future', Says Bank Of England Chief

Anti-Brexit protester Steve Bray demonstrates outside parliament in 2021.Brexit will damage the UK economy “for the foreseeable future”, the head of the Bank of England has admitted.In comments which will be welcomed by campaigners to rejoin the European Union, Andrew Bailey said “making an economy less open restricts growth over the long term”.His remarks, in a speech in Washington on Saturday, are his harshest assessment yet of the economic impact of the UK’s decision to quit the EU in the 2016 referendum.“For nearly a decade, I have been very careful to say that I take no position per se on Brexit, which was a decision by the people of the UK, and it is our job as public officials to implement it,” Bailey said.“But, I quite often get asked a second question: what’s the impact on economic growth? And as a public official, I have to answer that question.“And the answer is that for the foreseeable future it is negative.”Bailey did say that over the longer term “there will be – because trade adjusts – some at least partial rebalancing”.But he added: “Making an economy less open restricts growth over the long term.“Longer term, you will get some adjustment. Trade does adjust, it does rebuild.“And all the evidence we have from the UK is that is exactly what is happening.”Bailey’s comments come as senior government figures begin to openly highlight the negative effects of Brexit.Just last week, chancellor Rachel Reeves blamed the UK’s departure from the EU as she prepares to hike taxes and cut public spending in next month’s Budget.She said: “There is no doubting that the impact of Brexit is severe and long lasting and that’s why we are trying to do trade deals around the world, US, India, but most importantly with the EU so that our exporters here in Britain have a chance to sell things made here all around the world.”Speaking earlier this month, health secretary Wes Streeting said: “I’m glad that Brexit is a problem whose name we now dare speak.”“We were warned it was going to have an economic impact and it has,” he said. “And it’s hit our country hard, so we’re having to deal with Brexit.Related...Rachel Reeves Blames Brexit As She Prepares To Raise Taxes And Cut SpendingMigration Expert Reveals How Brexit Has Made The Small Boats Crisis WorseMP Gives Voters An Important Reminder About Nigel Farage's Brexit Past

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