UK: Bank of England Gov. Bailey Calls For Closer EU Ties
UK: Bank of England Gov. Bailey Calls For Closer EU Ties
The Facts
Bank of England (BoE) Gov. Andrew Bailey has claimed that the UK must "rebuild relations" with the EU during a speech at Mansion House on Thursday.
Bailey stated that despite having "no position" on Brexit as a public official, he had to "point out the consequences" of the decision, and claimed the new relationship with the EU had "weighed" on supply levels in the UK economy.
The Spin
Bailey's comments will are in line with both the UK Government's EU policy and, more importantly, reality. Despite right-wing denial that the Brexit experiment has been a total failure, the figures speak for themselves and the impact is only getting worse year after year. Brexiteers continue to fantasize over an unlikely US trade deal which would only see the UK bend the knee to an unpredictable Trump and his MAGA cronies. Instead, the UK should look closer to home, shore up the strength of its own continent, and regain respect amongst its closest allies in Europe.
Instead of focusing on discussing the host of monetary challenges currently facing the UK economy, supposedly-neutral BoE Gov. Andrew Bailey somehow decided it was appropriate to make his opinion on a democratic decision loud and clear. Instead of focusing on repairing its ties with the US and its flourishing economy, Labour and establishment ideologues continue to fawn over a failed European project that they forget the British people have already chosen to reject.
