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”.