By Reuters

Bank of England Governor Andrew Bailey speaks during the Monetary Policy Report press conference in London, Britain, May 8, 2025. REUTERS/Carlos Jasso/Pool

(Reuters) -Bank of England Governor Andrew Bailey said the trade deal concluded between the United States and Britain on Thursday was a good thing but still left tariffs on most British exports to the U.S. higher than they were before last month.

This week on Reuters

• Japan March real wages dip, consumer spending up

• Berkshire Hathaway shares fall as CEO Buffett passes the baton to Abel

• Italy's Mediobanca beats profit forecasts as it fights off MPS bid

"It's good news in a world where it will leave the effective tariff rate higher than it was before all of this started," he said in a question and answer session at an economics conference in Reykjavik.

Bailey also reiterated that Britain's economy was highly exposed to the global economy and much would depend on what deals other countries concluded with the United States.

Bailey's remarks were similar to those he gave at a press conference on Thursday, when a deal appeared imminent but the details had not been announced.

(Reporting by David Milliken and Andy Bruce

More Stories

• 7 ways to improve your personal cash flow

• Powell says Trump has no impact on Fed's work, isn't seeking meeting

• Investors look to soft data for direction amid trade policy chaos

• 2 Vanguard ETFs That Have Crushed the Market This Year