Bailey Backs UK-EU Trade Ties Amid Economic Growth Concerns

Bank of England Governor Andrew Bailey has publicly endorsed Labour's efforts to strengthen ties with the European Union. Speaking at the central bank's annual Agenda for Research conference, Bailey argued that Britain 'needs allies' to support economic growth.

In a significant shift in tone from previous Brexit-related remarks, Bailey referenced economist Adam Smith while discussing the relationship between trade and economic growth.

His comments amount to a significant endorsement of Prime Minister Sir Keir's strategy as he seeks to regain momentum following Labour's poor local election results.