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Financial News: BoE's Broadbent Warns Of Hit From Reduced EU-UK

BoE's Broadbent Warns Of Hit From Reduced EU-UK Trade Post Brexit

07/11/2017 - 10:12:00 (RTTNews)

(RTTNews) - Substantial reduction in trade between the European Union and the UK, following Brexit, could hurt the UK economy as it would force it to produce goods that are currently imported and raise costs, Bank of England Deputy Governor Ben Broadbent said Tuesday.

The policymaker made no reference to the interest rate outlook during his speech at the Scottish Council for Development and Industry in Aberdeen.

"A significant curtailment of trade with Europe would force the UK to shift away from producing the things it's been relatively good at, and therefore tends to export to the EU, and towards the things it currently imports and is relatively less good at," he said.

A shift in UK export from services, mainly financial services, to goods would tend to lower UK income and raise costs, notably of food and machinery, Broadbent said.

And the same would be true for the EU, albeit on a smaller scale, he added.

"Trade really is mutually beneficial and less of it costs us all," Broadbent said.

His speech was keenly awaited for any clue on his policy stance. At least three of the eight members of the Monetary Policy Council are in favor of raising interest rates.

Of the trio of hawks, Ian McCafferty and Michael Saunders already voted for a hike in June, while Andrew Haldane revealed his stance later.

BoE Governor Mark Carney has also signaled that the interest rate may need to be raised and the MPC will start debating the same in future.

Another policymaker who voted for a hike in June, Kristin Forbes, left the MPC at the end of June on expiry of her term. She was replaced by Silvana Tenreyro.

The next rate-setting session is scheduled for August 7.

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