Bailey Warns Trade War Will Hit UK Growth Ahead of BOE Forecasts
By and Tom Rees
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Bank of England Governor Andrew Bailey warned that the US-led trade war would harm the UK economy despite preferential treatment on tariffs, after a gauge of private sector activity showed a steep drop due to President Donald Trump's global levies.
Speaking at an Institute of International Finance event in Washington little more than two weeks before the bank unveils its latest economic forecasts, Bailey accepted that the UK had so far fared better than others on tariff levels. But he said that being an open economy exposed it to the global effects of a trade war.
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