BoE McCafferty Says Soft Brexit Would Benefit Economy

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

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza