Brexit impact on UK economy 'negative for foreseeable future,' Bank of England chief says

Brexit will have a negative impact on the UK's economic growth "for the foreseeable future," the UK's most senior banker has warned.

Bank of England governor Andrew Bailey said a decline in the UK's potential growth rate from 2.5% to 1.5% over the past 15 years was linked to lower productivity growth, an ageing population, trade restrictions - and post-Brexit economic policies.

But he did add that the economy is, however, likely to adjust and find balance again in the longer term.

"Over the longer term, there will be - because trade adjusts - some at least partial rebalancing," he added.

Speaking at an international banking seminar on Saturday in Washington DC, Mr Bailey said: "For nearly a decade, I have been very careful to say that I take no position per se on Brexit, which was