Brexit could affect economy for longer than COVID - BoE's Saunders

[snoop1130 11,986]

Brexit could affect economy for longer than COVID - BoE's Saunders

 

FILE PHOTO: A person is silhouetted as he walks past The Bank of England, amid the outbreak of the coronavirus disease (COVID-19), in London, Britain, November 5, 2020. REUTERS/John Sibley

 

LONDON (Reuters) - Bank of England interest-rate setter Michael Saunders said the long-term effects of Brexit could have a bigger impact on companies than the coronavirus pandemic.

 

“Businesses will shake off the effect of COVID-19 as they’re temporary, but the long-term effects of Brexit could be more permanent,” Saunders said in an interview with TheBusinessDesk.com website.

 

BoE Governor Andrew Bailey said on Monday that a no-deal Brexit would cause longer-term damage to Britain’s economy than the pandemic, and the impact of the change might be felt for decades.

 

Britain and the European Union are still negotiating a trade agreement ahead of the Dec. 31 expiry of a post-Brexit transition period.

 

Saunders also said Britain’s economy was unlikely to fall into a recession.

 

“It’s not worth getting too worried about recession at the moment. We had a big recovery in Q3 and there will be a dip in Q4 – but we’re only forecasting a contraction of around 2%,” he said.

 

-- © Copyright Reuters 2020-11-25

 

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[Hi from France 1,419]

The BoE said much more than this : not just long lasting, but bigger 

 

Quote

The governor of the Bank of England, Andrew Bailey, has warned that the economic cost of a no-deal Brexit would be bigger in the long term than the damage caused by Covid-19.

 

These are the cost estimates 

Quote

No-deal Brexit would not cause as much damage as inflicted by the pandemic earlier this year. However, the LSE modelling estimates a reduction in GDP worth 8% over a decade compared with remaining in the EU.

 

Another interesting indicator in the next months and years will be the Brexit + Covid-19 combo effect. 

 

Now you all probably know what Boris Johnson think about that : "<deleted> business" 

[mike787 3,491]

it is what it is...get over it, don't worry it will fix itself, enjoy Thailand, life, your wife, and many happier endings than Brexit. 

[Bruntoid 1,412]

Fear not Loiner and Laughing Gravy will be along shortly to reassure us they don’t know what they’re talking about

[Rookiescot 11,534]

Yes but its a small price to pay for sovereignty (we never lost it in the first place), taking back control (control of what?), making our own trade deals around the world (by basically copying the trade deals we had when we were in the EU) and blue passports (the colour of which we could have changed any time we wanted while IN the EU).

 

Well when I say that the only thing we have really got is the blue passports but all this upheaval and financial pain will be worth it. 

[wombat 2,848]

no deal....thats what Tony Abbot is there for....get with the program

[JonnyF 13,515]

 

Could. Could?

 

This is an opinion, the prediction of a salaryman who is toeing the BOE line. A guess. A hypothesis.

 

I could win the lottery. Won't be quitting the day job though. 

 

No doubt Michael will be in line for a massive end of year bonus if he keeps peddling the official BOE line and releasing this misinformation based on nothing more than the instructions of his bosses. Good boy Michael, have a pat on the head.

 

Obviously the Remainers and Rejoiners will lap this up. I can hear the cheers from here. I have bad news for them, this guys predictions will not bring about the failure that they wish upon their country. Soz 'bout that. Keep bitchin' and moanin' though, if you still haven't got over losing the referendum and leaving the EU .

[Chomper Higgot 35,670]

1 hour ago, JonnyF said:

 

Could. Could?

 

This is an opinion, the prediction of a salaryman who is toeing the BOE line. A guess. A hypothesis.

 

I could win the lottery. Won't be quitting the day job though. 

 

No doubt Michael will be in line for a massive end of year bonus if he keeps peddling the official BOE line and releasing this misinformation based on nothing more than the instructions of his bosses. Good boy Michael, have a pat on the head.

 

Obviously the Remainers and Rejoiners will lap this up. I can hear the cheers from here. I have bad news for them, this guys predictions will not bring about the failure that they wish upon their country. Soz 'bout that. Keep bitchin' and moanin' though, if you still haven't got over losing the referendum and leaving the EU .

All that hangs on your hope that ‘could’ doesn’t turn into ‘does’.

 

Presumably you have sight of the data the BoE are using as the basis of their predictions?

 

 

 

[JonnyF 13,515]

3 minutes ago, Chomper Higgot said:

All that hangs on your hope that ‘could’ doesn’t turn into ‘does’.

 

Presumably you have sight of the data the BoE are using as the basis of their predictions?

 

 

 

 

Nearly all of the BOE Project Fear post Brexit predictions have been proved false.

 

History is a great predictor of the future. Hence I shall be ignoring these guesses from the salaryman.

[Chomper Higgot 35,670]

Just now, JonnyF said:

 

Nearly all of the BOE Project Fear post Brexit predictions have been proved false.

 

History is a great predictor of the future. Hence I shall be ignoring these guesses from the salaryman.

Go back and check how much cash the BoE injected into the economy to offset the impacts they predicted.

 

 

[placeholder 7,422]

2 hours ago, JonnyF said:

 

Could. Could?

 

This is an opinion, the prediction of a salaryman who is toeing the BOE line. A guess. A hypothesis.

 

I could win the lottery. Won't be quitting the day job though. 

 

No doubt Michael will be in line for a massive end of year bonus if he keeps peddling the official BOE line and releasing this misinformation based on nothing more than the instructions of his bosses. Good boy Michael, have a pat on the head.

 

Obviously the Remainers and Rejoiners will lap this up. I can hear the cheers from here. I have bad news for them, this guys predictions will not bring about the failure that they wish upon their country. Soz 'bout that. Keep bitchin' and moanin' though, if you still haven't got over losing the referendum and leaving the EU .

It's a universally observed economic phenomenon that the closer countries are to each other the more they will trade with each other. However, this will not be the case with the UK which will negotiate new deals with distant nations to replace trade lost with the EU because Brexit is magical!!!

Edited November 26, 2020 by placeholder

[JonnyF 13,515]

1 hour ago, Chomper Higgot said:

Go back and check how much cash the BoE injected into the economy to offset the impacts they predicted.

 

 

Check yourself, I'm not your secretary.

 

Get me a coffee.

[JonnyF 13,515]

22 minutes ago, placeholder said:

It's a universally observed economic phenomenon that the closer countries are to each other the more they will trade with each other. However, this will not be the case with the UK which will negotiate new deals with distant nations to replace trade lost with the EU because Brexit is magical!!!

We'll get a deal with the EU. It might take a few years but eventually they'll stop sulking like a dumped teenage girl. They just need to grow up a bit. Time is a great healer.

 

In the meantime, are you aware that it's possible to trade without an FTA?

[placeholder 7,422]

32 minutes ago, JonnyF said:

We'll get a deal with the EU. It might take a few years but eventually they'll stop sulking like a dumped teenage girl. They just need to grow up a bit. Time is a great healer.

 

In the meantime, are you aware that it's possible to trade without an FTA?

Like a teenaged girl? Because an economy 5 times the size of the UK needs the UK more than the UK needs it? Really,?

 

[placeholder 7,422]

36 minutes ago, JonnyF said:

We'll get a deal with the EU. It might take a few years 

 

In the meantime, are you aware that it's possible to trade without an FTA?

Yes I'm aware of that. Brexit will most likely slow the UK's economic growth. Not kill it.