
The governor of the Bank of England has said the UK now needs to "rebuild" its trade relationship with the European Union and do "everything we can" to improve long-term trade, after Thursday's US deal. Andrew Bailey told the BBC that as a public official he did not take a view on Brexit, but that reversing the post-Brexit hit to UK-EU trade would be "beneficial". The government is currently in talks with the EU on its plan to reset its trade and security relationship ahead of a summit later this month.
Main Idea: Bank of England governor Andrew Bailey said the UK should do everything it can to rebuild trade ties with the European Union after the new US deal.
Key Points:
US consumers could see less change in prices, since the UK still keeps a 10% duty on most goods and trade frictions with Europe may slow broader growth.
A stronger UK-EU trade deal could steady markets and help US exporters and investors if global trade becomes more open.
Rate how each entity in this article affected the American people.
Core counterpart in the trade-rebuilding discussion and the main external relationship being discussed.
Bank of England governor whose comments on rebuilding UK-EU trade are the main focus of the article.
Central country whose trade relationship with the European Union and the United States is the article’s main subject.
Named as the actor in talks with the European Union to reset trade and security ties.
Major trade counterpart in the new deal that frames the UK’s ability to reset its EU relationship.
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