Brexit has hit UK's economic openness, says Bank of England governor

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The governor of the Bank of England has called for greater cooperation on financial rule-making, warning that Brexit has affected the 'openness of the UK economy'.

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09 Nov 2023

In an apparent swipe at those calling for the UK to develop a separate rulebook for banking and insurance activities, Andrew Bailey said free trade needed strong regulation based on agreements with foreign watchdogs.

Speaking in Dublin at a financial services conference organised by the Irish central bank, he argued against trade protectionism and regulatory fragmentation.

“As a public official, I take no position on Brexit per se,” Bailey said. “That was a decision for the people of the UK.”

However, he added: “It has led to a reduction in the openness of the UK economy, though over time new trading relationships around the world should, and I expect will, be established. Of course, that requires a commitment to openness and free trade.”

Bailey said he hoped to see further close regulatory cooperation with his Irish counterparts to minimise fragmentation of financial markets after