Bank of England rate-setter Ian McCafferty said on Thursday it would be “clearly beneficial” for Britain’s economy if the country can strike a deal to ensure a smooth transition as it exits the European Union.
“On a personal level, I would think it would be helpful as long as it can be negotiated … I come from a business background and what we do know is that businesses do not like sudden change,” McCafferty told LBC radio.
“If we can have a transition period so that they can adapt to the new trading and investment relationships that would clearly be beneficial for the economy.”
In January, Governor Mark Carney said such a deal would be “highly advisable”.
McCafferty, who voted to raise interest rates last month, said business surveys suggested that Britain’s economy was getting over a loss of momentum early in the year and businesses were “getting on with things”.
via Reuters
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza