Andrew Bailey, Governor of the Bank of England, explained the impact of a no deal Brexit has been dwarfed by the effects of the coronavirus pandemic on the economy. He said while both can affect trade, the bank's research has shown that COVID-19 is a much bigger shock to the economy. Speaking to Sky News, Mr Bailey said: \"It is very complicated at the moment, both COVID and Brexit could both negatively affect trade.<\/p>\n
\"All our work suggest COVID is a bigger shock moreover, of course, COVID has already had an effect on trade.<\/p>\n
\"You then get to the extremely complicated question, how much of that effect on trade has actually already been taken over by COVID.\"<\/p>\n
His comments come as Brexiteer and Conservative MP Mark Francois recently warned the EU's chief negotiator Michel Barnier that the British public is growing impatient following years of Brexit negotiations.<\/p>\n
Mr Francois hit out at Mr Barnier who said last week a Brexit deal looked \"unlikely\" and that the two sides remained at a stalemate.<\/p>\n
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The Brexiteer warned the UK could leave with no deal on December 31 as Prime Minister Boris Johnson has refused to request an extension to the trade talks.<\/p>\n
David Frost, the UK's chief negotiator, meanwhile confirmed there was a continued impasse but struck a more hopeful tone in his media appearance following intensified discussions.<\/p>\n
Speaking to talkRADIO, Mr Francois said: One thing that runs through history is, people who bully us tend not to do well out of it.<\/p>\n
\"That isn't going to work and if necessary we will leave on December 31 and we will trade on Australia\/WTO terms which is how most of the world trades anyway.<\/p>\n<\/p>\n
\"We're not frightened of doing that. We would prefer a deal but if they're going to be intransigent we're going down the WTO path.<\/p>\n
\"I think the British public is running out of patience with Mr Barnier. The show is getting a bit boring.<\/p>\n
\"If they don't want a compromise that's fine, we'll do our own thing.\"<\/p>\n
Brexit talks will intensify over the summer between the UK and EU, according to Government sources.<\/p>\n
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A senior UK Government official involved in the talks said the \"only way forward now is to have a textual negotiation to get into the detail\", which is scheduled to happen in August and September.<\/p>\n
Formal talks are \"pre-programmed in\" for the week of August 17 and fringe discussions will continue next week.<\/p>\n
A senior UK Government official involved in the talks, when asked about whether the discussions were closer to breakdown or breakthrough, said: \"I think we are potentially closer to both, to be honest - I think it is hard to quantify.<\/p>\n
\"I can quite see how we can make a breakthrough relatively quickly if they do adjust their position in the most important areas and, if they don't, we won't.<\/p>\n
\"It really is in their hands to a large extent and it is related to the fundamental principles in these few areas.\"<\/p>\n
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No deal Brexit impact on UK economy 'dwarfed' by coronavirus says Bank of England Governor - Daily Express<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Andrew Bailey, Governor of the Bank of England, explained the impact of a no deal Brexit has been dwarfed by the effects of the coronavirus pandemic on the economy. He said while both can affect trade, the bank's research has shown that COVID-19 is a much bigger shock to the economy. Speaking to Sky News, Mr Bailey said: \"It is very complicated at the moment, both COVID and Brexit could both negatively affect trade. Continue reading