Economics
Bailey Says G-20 Should Push ‘Robust Openness’ in Trade Policy
- Supply chain friction caused sharp fall in U.K. manufacturing
- Central bank governor says free trade is key to productivity
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Bank of England Governor Andrew Bailey said G-20 finance ministers meeting this weekend should pursue a policy of “robust openness” to allow global trade to keep flowing.
The U.K. central bank chief said company supply chains depend on open borders and the free flow of goods and services to work efficiently. The remarks followed an unexpectedly sharp slowdown in Britain’s economic recovery, driven by a microchip shortage that prompted one of the biggest drops in manufacturing output on record.