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 consequences" of the decision, and claimed the new relationship with the EU had "weighed" on the UK's supply levels.
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 the UK's supply levels.The governor consequently called for the UK government to "welcome opportunities" for closer ties with the EU while "respecting the decision of the British people."
The Spin
Bailey's comments are in line with both the UK and EU's policy and, more importantly, reality. Despite right-wing denial over Brexit's total failure, the figures speak for themselves and the impact is only getting worse. Brexiteers continue to fantasize over an unlikely US trade deal that would only see the UK bend the knee to an unpredictable Trump. Instead, the UK should look closer to home, shore up the strength of its own continent, and regain respect among 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 broadcast his opinion on a democratic decision. Rather than 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.
