Reuters logo
Bank of England's McCafferty: clearly beneficial if UK has Brexit transition
July 6, 2017 / 5:30 PM / 4 months ago

Bank of England's McCafferty: clearly beneficial if UK has Brexit transition

LONDON (Reuters) - 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.

FILE PHOTO - Ian McCafferty, Monetary Policy Committee member of the Bank of England speaks during a Reuters interview at the Bank of England in London February 24, 2014. REUTERS/Suzanne Plunkett

“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”.

Reporting by Andy Bruce and William James; Editing by William Schomberg

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below