Bank of England Governor Andrew Bailey has urged the government to strike a deeper trade deal with the European Union to improve growth and “minimize negative effects” of Brexit. He welcomed the recent agreement with Brussels to reduce border checks on food, and rejoin the EU’s electricity market and emissions trading system in exchange for 12 years of access to UK fisheries, and called on officials to go further.

The government expects the EU deal to add 0.2% to the level of GDP by 2040 but the boost pales against the 4% overall hit to the UK economy from Brexit, as estimated by the Office for Budget Responsibility. He spoke at a fireside chat at the Irish Association of Investment Managers Event with Francine Lacqua