Bank of England Governor Bailey said that the trade agreement reached between the US and the UK on Thursday is a good thing, but tariffs on most British exports to the US are still higher than before last month. In a question-and-answer session at an economic conference in Reykjavik, he said, “This is good news in a world where actual tax rates will be higher than before it all started.” Bailey also reiterated that the British economy is highly influenced by the global economy and largely depends on agreements reached between other countries and the US. Bailey's remarks were similar to what he said at the press conference yesterday. At the time, it seemed like an agreement was about to be reached, but details were yet to be announced.

Bank of England Governor Bailey said that the trade agreement reached between the US and the UK on Thursday is a good thing, but tariffs on most British exports to the US are still higher than before last month. In a question-and-answer session at an economic conference in Reykjavik, he said, “This is good news in a world where actual tax rates will be higher than before it all started.” Bailey also reiterated that the British economy is highly influenced by the global economy and largely depends on agreements reached between other countries and the US. Bailey's remarks were similar to what he said at the press conference yesterday. At the time, it seemed like an agreement was about to be reached, but details were yet to be announced.