Interview with Bank of England Governor Andrew Bailey on Brexit

The video discusses the timing of trade agreements, focusing on the UK's departure from the customs union and single market. It highlights the adjustment costs and the importance of goodwill in minimizing economic impacts. The potential effects of a no-deal scenario on GDP are considered, along with the influence of the US election on global financial markets.

Why is it important for the UK to reach a trade agreement according to the speaker?

• To increase its GDP immediately

• To maintain its membership in the customs union

• To align with government policy and ensure economic stability

• To avoid any adjustment costs

What does the speaker suggest about the adjustment costs of a trade agreement?

• They will not affect the GDP

• They are only applicable to the UK

• They are significant but can be minimized with goodwill

• They are negligible and can be ignored

How does the speaker describe a 'no-deal' scenario?

• As a scenario with no impact on trade

• As a very thin trade agreement with larger short-term effects

• As a comprehensive trade agreement

• As a beneficial situation for the UK

What is the speaker's view on the impact of the US election on financial markets?

• It has caused major dislocation

• It has had no impact whatsoever

• It has not caused major dislocation recently

• It has improved the global economic outlook

What is the speaker's main concern regarding the US election?

• The increase in customs union membership

• The immediate impact on the UK's GDP

• The potential for a contested election affecting global economic outlook

• The effect on the UK's trade agreements