UK interest rates will fall ‘gradually’, predicts Bank of England governor; China launches stimulus blitz

BoE governor: Brexit having ‘short-term painful effect on trade’

Andrew Bailey has also been quizzed about fears in Kent that Brexit border checks will cause disruption in and around Dover.

Bailey tried to swerve committing news about Brexit, but did point out that some small businesses will suffer from disruption.

He told KentOnline:

“I’m a public official, so I don’t take a position on Brexit per se. I have to say if you ask me about the economics of Brexit what I say is what you would expect, and what we have seen, there will be some short-term painful effect on trade.

“But over a longer period of time the compensation for that is that trade will be redirected. But it can be particular impactful on small businesses and for some of them that’s just not viable.”

We’ve seen this month that the UK government is still struggling to cope with the implications of leaving the European Union.

Planned post-Brexit checks on fruit and vegetables brought into Britain from the EU have been delayed for the third time, while a plan to force food manufacturers to put “not for EU” labels on all meat and dairy products sold across Britain next month have been indefinitely postponed.

But, the EU is due to launch a new “entry-exit system” (EES) that will record the movements of non-EU visitors to the Schengen Area, from November 2024.

This will mean an end to passports being stamped; instead, anyone travelling to a country in the Schengen area using a UK passport must register their biometric details, such as fingerprints or a photo, when they arrive.

The exact date that EES will be introduced has not been confirmed, though.