UK's Open Economy and Global Relations

Bank of England Governor Andrew Bailey emphasized the importance of the United Kingdom's open economy and its global relations, particularly with the United States, during his recent address. He pointed out that the UK's economic growth is intricately linked not just to its bilateral relations with the US but also to how the US engages with the rest of the world.

Global Growth Considerations

"Our modeling must account for the impacts on global growth," Bailey stated, underlining the necessity to consider worldwide economic dynamics. He warned against the dangers of economic fragmentation, stating it would adversely affect growth prospects.

Praise for US Treasury Secretary's Comments

Bailey also expressed his approval of US Treasury Secretary Scott Bessent's recent remarks, describing them as "encouraging" for international economic cooperation.