BoE's Andrew Bailey: Brexit has 'created opportunities' despite short-term negative impact - reports

Fight against inflation

Bank of England governor Andrew Bailey has argued that Brexit “created opportunities” for the UK, admitting however it has had a negative short-term impact on the country.

In an interview with Prospect magazine, he noted that leaving the European Union has hit productivity and growth in the UK, but there is greater potential in long term, as the worst predictions for the split from the EU proved to be exaggerated. Bailey said: "I think the post-Brexit landscape does give us opportunities. I have always said, not everything about EU regulation was best suited to any national circumstances. If you go back to the period after the referendum, there were pretty dire predictions about the consequences of Brexit for the financial services world, for the City of L...