(Bloomberg) -- Brexit is undermining efforts to boost the U.K. economy by holding back the government from implementing its industrial strategy, according to Bank of England Chief Economist Andy Haldane.
Speaking to the BBC's ‘Newsnight' in his capacity as chairman of the Industrial Strategy Council, Haldane said it is “plausible” that one of the “costs of Brexit is that not as much other stuff has happened as might.” Even so, he said that missing a year of progress is less important than sticking with the project.
Haldane said that the Brexit scenarios published by the BOE last year still offer the “best guess” at the potential economic impact of a no-deal departure on Oct. 31. He said that the degree of uncertainty surrounding the U.K.'s divorce from the bloc means that “people can reasonably disagree on the future course of the economy and what's right and what's not.”
He declined to comment on speculation that he has applied to replace Mark Carney as governor when the Canadian steps down at the end of January.
To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net
To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Brian Swint
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
