简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Leaving the European Union this year would be a lot to handle for the U.K. when the economy is already reeling from the coronavirus outbreak, according to a former Bank of England rate setter.
Leaving the European Union this year would be a lot to handle for the U.K. when the economy is already reeling from the coronavirus outbreak, according to a former Bank of England rate setter.
Adam Posen
Photographer: Marlene Awaad/Bloomberg
While Prime Minister Boris Johnson has pledged to end the Brexit transition this year, the two sides remain far apart in talks for their future relationship. That means the U.K. faces the prospect of leaving the EUs single market and customs union without a trade deal in place.
If Britain defaults to trading with the bloc on terms set by the World Trade Organization, that would mean steep tariffs on goods like cars. Yet even an agreement would be of limited benefit, said Posen, who served as a BOE policy maker between 2009 and 2012.
“Anybody who thinks the Brexit deal is going to do some good is probably fooling themselves,” he said. The split “on top of the retail sector, the tourism sector having to make big changes, agriculture in Britain having to make big changes because of migration issues from both the pandemic and Brexit -- you end up putting the economy through a lot very quickly.”
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.