The Bank of England said Brexit uncertainty and slower world economic growth wer...
LONDON - The Bank of England said Brexit uncertainty and slower world economic growth were increasingly causing Britain’s economy to perform below its potential, and that a failure to reach a deal to leave the European Union by Oct. 31 would worsen the problem.
But their policy minutes for the first time gave an explicit warning about the impact of a further Brexit delay, saying “entrenched uncertainty” about the terms on which Britain would leave the EU would also cause harm, albeit on a smaller scale. The BoE described tensions between the United States and China as a “trade war” for the first time and said this was doing material damage to business investment worldwide.
But unlike the U.S. Federal Reserve and the European Central Bank, the BoE says it wants to raise rates gradually over the medium term, as long as a no-deal Brexit shock to the economy is avoided and global growth perks up a bit. Earlier this month, he estimated that in a worst-case, chaotic scenario a no-deal Brexit could reduce the size of the economy by 5.5%. On Thursday, the Paris-based OECD predicted a 2% hit in the case of a more managed no-deal Brexit.
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