Hard to see how Brexit will improve Britain's trade position - BoE's McCafferty

Ian McCafferty, a member of the Bank of England's Monetary Policy Committee poses for a photograph at the Bank of England in London, Britain, April 9, 2018. Picture taken April 9, 2018. REUTERS/Hannah McKay - Copyright Hannah Mckay(Reuters)

By Reuters

Published on 08/08/2018 - 20:34•Updated 20/04/2024 - 15:04

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LONDON (Reuters) - Outgoing Bank of England policymaker Ian McCafferty said on Wednesday that it was hard to see how Britain would strengthen its trading ties as a result of its decision to leave the European Union.

Brexit supporters have said that Britain can boost global trade ties as it detaches itself from the EU, its biggest export market. Asked if there were ways in which Britain could be stronger outside the European Union, McCafferty said "Everything is theoretically possible."

"I find it difficult to conceive that we would end up in a better position, trade-wise, at least for a significant period," McCafferty, who is leaving his role at the end of the month, told Sky News.

(Reporting by Alistair Smout; Editing by Hugh Lawson)

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