Bailey Backs EU Ties as Sunak Prepares Brexit Reset

The Governor of the Bank of England, Andrew Bailey, has expressed support for stronger ties between the UK and the European Union. He made this statement during the central bank's annual Agenda for Research conference on Thursday.

Bailey emphasized that Britain needs allies to support economic growth, citing economist Adam Smith's work on the relationship between trade and growth. 'We're an open economy, we do need allies,' he said.

This endorsement comes as Prime Minister Rishi Sunak prepares to outline fresh proposals aimed at drawing Britain closer to Brussels, with announcements expected as early as Monday.