7 January 2021 - Bailey sees no detrimental effect of Brexit on UK economy
"Bank of England Governor Andrew Bailey spoke yesterday of his confidence that the country would thrive post-Brexit. He commented that he doesn’t see Brexit as a major drag on growth and the benefit of the certainty that deal brings outweighs any new regulation of trade. He went on to say that he does not have any agenda regarding bank dividends having acted to restore the right of banks to pay dividends and last year's suspension was a one-off. The pound is struggling to make any further progress against a weakening dollar as the country’s economy faces another recession with the length of the current lockdown remaining unclear. It is estimated that the current lockdown measures are costing the economy close to £400 million a day. The economy faces the perfect definition of a double dip recession where two quarters of contraction are followed by a period of growth (in this case one quarter) followed by two further quarters of contraction." Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.