The next month will be critical to the future of world trade as Brexit talks and the US-China dispute turn into a more solid sign of the next phase of globalisation, Mark Carney told MPs. The Governor of the Bank of England said events in the next few weeks could resolve tensions in the global trading system, potentially setting the scene for a new era of more open and democratic trade – or reverse the integration of recent decades, with expensive consequences for businesses and households. “On one level the signal that comes out of the next few weeks will be very important, not just for the UK but for the global system,” Mr Carney said. “Are we moving to a sharper period of de-integration, or is a form of integration possible, and if so, what form does that new trading relationship take? There is a short-term issue with Brexit, which is highly relevant to the UK, very relevant for the EU and also relevant for the global trading system and economy.” If a deal is struck that lets the UK set its own rules in industries such as financial services but also trade with the EU, then it could promote… Read full this story
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