Brief by Shorts91 Newsdesk / 12:30pm on 06 Mar 2025,Thursday Business
Bank of England Governor Andrew Bailey warned that US tariffs under Donald Trump could leave UK consumers with less money, posing "substantial risks" to both the UK and global economies. Speaking to MPs, Bailey emphasized the need for trade disputes to be resolved globally. Monetary policy experts highlighted that tariffs on UK exports would hurt businesses, slow growth, and disrupt supply chains. Bailey also warned of economic instability if the US withdrew from global financial institutions like the International Monetary Fund (IMF) and World Bank. Experts predict the tariffs will likely bring more economic harm than benefits worldwide.
