Now Reading: Bank of England Flags Consequences of EU Exit
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Bank of England Flags Consequences of EU Exit
SNP Call Out Labour’s Brexit Obstinance
The SNP has called out Labour’s “disastrous and inexplicable” support for Brexit, after the Governor of the Bank of England urged the UK Government to “rebuild relations with the EU”.
In his Mansion House speech last night, Andrew Bailey said that Brexit has “weighed” on the economy. He warned that he “had to point out the consequences of Brexit”, highlighting the impact of trade barriers on the goods trade and smaller businesses.
Mr Bailey also pointed to “geopolitical shocks and broader fragmentation of the global economy” as reasons to improve EU-UK relations.
The Office for Budget Responsibility has warned that “weak growth in imports and exports over the medium term partly reflect the continuing impact of Brexit, which we expect to reduce the overall trade intensity of the UK economy by 15 per cent in the long term”. New figures reveal economic growth remains sluggish at 0.1%.
Despite this, Keir Starmer’s government firmly opposes rejoining the EU. In contrast, the SNP has consistently been the only political party in the UK willing to discuss the damaging consequences of Brexit and campaign for Scotland to return to the world’s largest trading bloc.
The Governor of the Bank of England has said the UK must "rebuild relations" with the EU "while respecting the decision of the British people" who voted to leave in 2016.
— BBC Breakfast (@BBCBreakfast) November 15, 2024
Andrew Bailey's speech to investors at the Mansion House marked some of his strongest comments yet on Brexit… pic.twitter.com/UMr41n0bWj
With the Governor of the Bank of England now pointing to the clear harm of Brexit, we have a new Labour Government adamant it will not tack despite the annual £100 billion hit to the economy.
GRAEME
Labour threw their full weight behind this disastrous Tory Brexit and still will not even countenance a return to the single market and customs union.
Ignoring the harsh reality of Brexit has a serious economic cost, and it is one doing real damage to Scotland.
The UK Government must listen to the experts and act to reduce trade barriers and improve relations, but the case for an independent Scotland within the EU continues to grow.
