BoE’s Bailey: Post-Brexit transition will not be easy

The Bank of England (BoE) Governor, Andrew Bailey, speaking in an online panel discussion, said that the UK recovery has been very uneven across the economy and the Q3 output probably fell 7-10% below pre-coronavirus levels.

Additional quotes:

• Risks are very much to the downside.
• Strongly hope there will be a UK-EU trade deal.
• The post-Brexit transition will not be easy.

The comments did little to influence the British pound or provide any meaningful impetus to the GBP/USD pair, which was last seen trading near the top end of its daily range, just above mid-1.2900s.