BoE’s Bailey Says Brexit Will Continue to Weigh on UK Economy ‘For Some Time’

Bank of England Governor Andrew Bailey said on Saturday that Brexit’s impact on the UK economy is likely to persist for years, with businesses expected to adjust only gradually over time.

Speaking at a Group of Thirty meeting of central bankers and financiers in Washington, Bailey said, “If you ask me what effect it will have on economic growth… the answer is that in the near term it’s negative, though over the long run there should be a modest positive balance.”

The Bank of England has long warned of the economic costs stemming from Britain’s 2020 departure from the European Union, and Bailey noted that higher trade barriers are likely to affect the global economy much as Brexit has affected the UK.