Politics

‘Rebuild post-Brexit relations with EU,’ says Bank boss

Published

2 years ago

November 15, 2024

Story by Mitchell Labiak and Faisal Islam – Business reporter and economics editor, BBC News

The UK must “rebuild relations” with the EU “while respecting the decision of the British people” who voted to leave in 2016, the Bank of England’s governor will say later.

Andrew Bailey’s Mansion House speech to investors will mark some of his strongest comments yet on Brexit, saying one of its consequences has been weaker trade.

He has previously avoided commenting on the topic because of the Bank’s independence from Westminster politics.

“As a public official, I take no position on Brexit per se,” he will say. “But I do have to point out consequences.”

Mr Bailey will say the changed relationship with the EU has “weighed” on the economy.

“The impact on trade seems to be more in goods than services… But it underlines why we must be alert to and welcome opportunities to rebuild relations while respecting the decision of the British people.”

Mr Bailey will also say the UK should not focus “just on the effects of Brexit”, warning about the “broader fragmentation of the global economy”.

His Brexit comments go much further than he previously has on the topic. Last November, he said the decision had “led to a reduction in the openness of the UK economy”.

Assessing the impact of the UK’s decision to leave the EU on the economy has been tricky given the multiple economic shocks in recent years.

The Office for Budget Responsibility and other independent analysts estimate the economy is 4% smaller over the past 15 years as a result.

Goods trade, especially in food and farm exports, has been especially hit by the imposition of new trade barriers. Trade in services, such as banking, has done better than expected, however.

The government remains opposed to rejoining the EU, but Prime Minister Keir Starmer and some EU politicians have said there could be a better relationship.

Spain’s Finance Minister Carlos Cuerpo told the BBC: “We need to be positive here and optimistic that a better deal can be actually closed on that front.”

A UK government spokesperson said: “We are committed to resetting our relationship with our European partners… and improving our trade and investment relationship.”

Mr Bailey’s Mansion House address will come alongside a speech by Chancellor Rachel Reeves, who will talk about her plans to shake up the UK pension system in a bid for growth.

She wants council pension pots to be merged so they can make bigger investments to generate higher returns, a move criticised as risky by some.

“The UK has been regulating for risk, but not regulating for growth,” she will say.

The annual event comes as the government also faces criticism from businesses for holding back growth through tax raises, which Reeves has said are necessary to “properly fund” public services.

‘Bottom line’

Mr Bailey’s speech will go on to address the wider UK economy and its lack of growth.

“Bottom line, it’s not a good story,” he will say, describing how productivity has fallen since the 2008 economic crash and has not recovered since.

He will explain that the UK is not alone in having this problem, which he says also affects other parts of Europe, but notes that the US has “a better story to tell”.

Mr Bailey will also echo Reeves’ concern that the UK pension system is “fragmented” and requires “heavy lifting” to fix it.

Former Chancellor Jeremy Hunt has said there was “much to welcome” in Reeves’ suggested reforms, though shadow chancellor Mel Stride has added that Conservatives will be “looking closely at the detail”.

Politics

Fubara To Contest Rivers Governorship Seat Under NDC

Published

1 hour ago

May 21, 2026

Ekwutos Blog

A Rivers State politician, Blessing Fubara, has declared his intention to contest the 2027 governorship election in Rivers State under the platform of the Nigeria Democratic Congress.

The politician has already obtained both the nomination and expression of interest forms needed to participate in the governorship race ahead of the 2027 election.

Blessing Fubara shares the same surname and local government area with the current Rivers State Governor, Siminalayi Fubara.

Both men are from Opobo/Nkoro Local Government Area. However, there has been no confirmation that they are family members.

The Chairman of the NDC in Rivers State, Success Jack, confirmed that Blessing Fubara is among those seeking the party’s governorship ticket.

He also stated that he could not confirm whether the governorship aspirant is related to Governor Siminalayi Fubara.

According to him, the party is preparing seriously for the 2027 general elections and hopes to win not only the governorship seat but other elective positions in Rivers State.

The development comes weeks after Blessing Fubara left the All Progressives Congress and joined the NDC.

Following his defection in Abuja, he was received by former Bayelsa State Governor, Seriake Dickson, alongside other leaders and members of the party.

After joining the NDC, Blessing Fubara said his decision was taken for the interest of Rivers people.

He also stated that the future of the state must be protected ahead of the next general election, expressing confidence that the state would experience positive changes after the 2027 polls.

Politics

Desmond Elliot Withdraws from APC Lagos Assembly Primaries, Cites Intimidation

Published

8 hours ago

May 21, 2026

Ekwutos Blog

Surulere I lawmaker Desmond Elliot has withdrawn from the All Progressives Congress Lagos House of Assembly primaries, citing intimidation across multiple zones.

In a viral video posted online, the lawmaker said he was stepping out of the race despite seeking re-election under the APC. He alleged that his supporters faced intimidation during the process in several parts of the constituency.

Elliot’s decision came as the primaries held across Lagos on Tuesday. Chief of Staff to the President Femi Gbajabiamila, who represents Surulere Federal Constituency, praised the conduct of the exercise in Surulere, describing it as peaceful.

The withdrawal narrows the contest for the APC ticket in Surulere I ahead of the 2027 general election. Party officials in Lagos have not yet responded to Elliot’s claims, and the APC state chapter has not announced whether the primary in the constituency will proceed with other aspirants.

Elliot has represented Surulere I in the Lagos State House of Assembly since 2015.

https://www.instagram.com/reel/DYkCaAiMxxt/?igsh=ZWw5czl6MHJhNnRy

Politics

Political Shockwave in Rivers as Fubara Pulls Out of APC Governorship Race, Backs Party’s Candidate

Published

9 hours ago

May 21, 2026

Ekwutos Blog

Rivers State Governor, Siminalayi Fubara, has officially withdrawn from the All Progressives Congress (APC) governorship primaries scheduled to take place on Thursday, a development that has stirred fresh political conversations across the state.

The governor announced his decision in a personally signed statement titled “My Decision to Withdraw from the Rivers State Gubernatorial Primaries,” which was released on Wednesday night.

In the statement, Fubara explained that his withdrawal followed wide consultations with political associates, stakeholders, and supporters. He stated that the decision was taken in the overall interest of peace, unity, and stability within the APC and Rivers State at large.

According to the governor, politics should not be allowed to divide the people or create unnecessary tension within the party. He stressed that preserving unity among party members and maintaining stability in the state remain more important than personal political ambition.

Fubara further pledged his total loyalty and support to whoever eventually emerges as the APC governorship candidate, assuring party faithful that he remains committed to the success and progress of the party ahead of the next general elections.

The Rivers governor also appreciated his supporters across the state for standing by him throughout the political process. He thanked party leaders, youth groups, women supporters, and political associates who had continued to show him solidarity and encouragement.

He urged his supporters not to see his withdrawal as the end of his political journey, but rather as a decision made in the collective interest of the party and the state. He also appealed to them to remain peaceful, united, and committed to the ideals of the APC.

Political observers have described the development as one of the biggest political surprises in Rivers State in recent times, especially considering the growing speculations and intense political alignments ahead of the governorship primaries.

Analysts believe the governor’s withdrawal may reshape the political calculations within the APC and influence the direction of the party’s governorship race moving forward.

The announcement has continued to generate mixed reactions from political stakeholders and residents across Rivers State. While some supporters described the move as strategic and mature, others expressed surprise over the governor’s sudden exit from the contest.

Several party faithful, however, commended Fubara for placing party unity and stability above personal ambition, noting that his decision may help reduce internal tensions and strengthen the APC ahead of the elections.

The development has also intensified attention on the remaining aspirants contesting for the APC governorship ticket, as consultations and political meetings continue ahead of the primary election.

Many observers believe the governor’s endorsement of the eventual APC candidate could play a major role in shaping the outcome of the party’s governorship battle and future political structure in the state.

As political activities continue to gather momentum in Rivers State, all eyes are now on the APC primaries and the next phase of political developments expected to unfold in the coming days.