The Bank of England governor Andrew Bailey has warned that the US President Donald Trump’s Tariffs poses a “substantial” risk to the UK’s economy.
Bailey told MPs there is a “major shift going on in the US” and the Bank of England will have to take this “very seriously.”
Mexico and Canada have been hit with 25% tariffs for imports to the US and there is higher tariffs on US imports.
Bailey told the Treasury Select Committee on Wednesday afternoon, “The risks to the UK economy and the world economy are substantial,” he added, “Trade supports growth.”
Bailey was asked if this means there will be less money for people in the UK, he said, “Yes, that’s right, we serve the people and we have to take it very seriously.”
