UK: Bank of England Gov. Bailey Calls For Closer EU Ties

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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.[1]
  • 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.[2]
  • 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."[3][4]
  • Speaking at Mansion House on the same evening, Chancellor Rachel Reeves stated that while the UK government would "not be reversing Brexit or re-entering the single market or customs union," it was necessary to "reset [its] relationship" with the EU.[5]
  • Last month, UK Prime Minister Sir Keir Starmer traveled to Brussels to meet with the heads of the European Commission, European Council, and European Parliament, after which he suggested holding, "regular" EU-UK summits beginning next year.[6][7]
  • The UK in 2016 voted 51.9% to 48.1% to leave the EU. In 2023, the EU accounted for 42% of all UK exports, worth £356B ($449B), and 52% of all UK imports, worth £466B ($588B).[8][9]

Sources: [1]BBC News (a), [2]Bank of England, [3]Daily Mail, [4]The Guardian (a), [5]GOV.UK, [6]The Guardian (b), [7]Al Jazeera, [8]Commons Library and [9]BBC News (b).

Narratives

  • Left narrative, as provided by Huffington Post and The New European. 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.
  • Right narrative, as provided by Guido Fawkes. 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.