Brexit to weigh on UK economy 'for foreseeable future', BoE's Bailey says

Brexit is likely to weigh on British economic growth over the coming years and businesses are only likely to partially adapt over time, Bank of England Governor Andrew Bailey said on Saturday.

"If you ask me what the impact is on economic growth ... the answer is that for the foreseeable future it is negative, but over longer time there should be a positive, albeit partial, counterbalance," Bailey told a meeting of the Group of Thirty, a gathering of central bankers and financiers in Washington.

The BoE has long warned of the economic costs of Britain's departure from the European Union in 2020, and Bailey said increased tariffs were likely to have a similar type of impact on the world economy as Brexit had had on Britain.