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A Bank of England rate-setter summed up the biggest economic risk from Brexit in a single sentence

Tuesday, Jul 11 2017
A Bank of England rate-setter summed up the biggest economic risk from Brexit in a single sentence

Ben Broadbent, the Bank of England's deputy governor for monetary policy, and of its most important policymakers, summed up in one sentence the risks to the economy posed by Brexit. Speaking on a regional visit to the Scottish city of Aberdeen, Broadbent argued that should Brexit lead to a "significant curtailment" of Britain and the EU's trading relationship, both parties would see significant damage. Britain, however, would be much worse off.

Towards the end of his speech, which broadly focused on the benefits of free trade and globalisation, Broadbent turned to the proverbial elephant in the room, Brexit. Here's what he had to say (emphasis ours): "Obviously the EU economies are highly developed, so our trade with Europe – which is extensive – is less skewed towards labour intensive goods and services than that with developing economies. Nevertheless, it has allowed for a great deal of specialisation. And if the theme of this talk is that the benefits of trade involve imports as much as they do exports, the same point applies.

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