"I think the long-term effects ... would be larger than the long-term effects of Covid," Bailey said Monday in response to a question from a lawmaker on what would happen if the UK government does not complete a deal before the December 31 deadline.
The United Kingdom left the European Union in January. But the £670 billion trade relationship has been largely unaffected so far because of a transition period that expires at the end of this year. Negotiators have been trying to hammer out a deal that will allow for tariff-free trade to continue. But progress has been slow, and chief EU negotiator Michel Barnier warned on Monday that"fundamental differences" still need to be resolved.
The Bank of England forecast earlier this month that the UK economy will shrink by 11% in 2020. Economists are worried about"scarring" caused by coronavirus, but Bailey said on Monday that he was optimistic about the economy's ability to recover relatively quickly from the pandemic. The UK government and the Bank of England have unleashed hundreds of billions of pounds worth of stimulus to help cushion the blow to business and workers from the pandemic.
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