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MNI BRIEF: Brexit Impact Longer Lasting Than Covid: Saunders

LONDON (MNI)

The longer-term impact of Brexit on the UK economy could be more permanent that the effects of Covid-19, Bank of England Monetary Policy Committee member Michael Saunders said in an interview published Wednesday.

"Businesses will shake off the effect of Covid-19 as they're temporary, but the long-term effects of Brexit could be more permanent," Saunders told the East Midlands-based thebusinessdesk.com, accepting a 'no-deal' Brexit had been hard for firms to prepare for due to the unknown.

"Companies have had lots of time to prepare for Brexit – but they haven't known what to prepare for. We're seeing that many businesses are preparing themselves to simply survive the first few weeks of Brexit, but haven't put any long-term plans in place. Time is really short," he said.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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