At a Mansion House dinner in London, Bank of England Governor Andrew Bailey emphasized that Brexit has negatively affected the UK economy, particularly in trade, urging a renewal of EU relations.

Although services exports have thrived post-Brexit, goods exporters, especially small firms, face non-tariff barriers like customs checks.

Bailey, expressing his support for free trade, also warned against US tariffs proposed by Donald Trump, which might further hinder UK growth.

Meanwhile, Labour leader Keir Starmer aims to strengthen EU ties without rejoining the single market, seeking agreements on professional qualifications and veterinary standards.