The Bank of England has warned the government that weak global growth and trade barriers that are being created by the government's Brexit deal can badly hit UK's economy.
The Bank said the new EU withdrawal agreement struck by Prime Minister Boris Johnson had reduced the likelihood of a no-deal Brexit. The Monetary Policy Committee (MPC) that sets interest rates said this would end some of the uncertainty facing businesses and households. The Bank voted 7-2 to keep interest rates on hold at 0.75%.
However, policymakers added that the transition to a new trade deal would introduce new customs checks and regulatory barriers.
The MPC said its assumption of a Canada-style "deep free-trade agreement" between the UK and EU would "raise administrative costs for firms" doing business with the continent.
The Monetary Policy Committee (MPC) that sets interest rates said this would end some of the uncertainty facing businesses and households. However, policymakers added that the transition to a new trade deal would introduce new customs checks and regulatory barriers.
The MPC said its assumption of a Canada-style "deep free-trade agreement" between the UK and EU would "raise administrative costs for firms" doing business with the continent.
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