"As a public official, I take no position on Brexit per se," Bailey said. "But I do have to point out consequences."

He furthered that the changed relationship with the EU post-Brexit “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 that very important decision of the British people."

After Brexit, the UK economy took a hit with in the goods trade as trade barriers were raised. Bailey mentioned that the UK should not only focus on their relationship with the EU, but other impacts on the global economy – such as geopolitical events and most recently the election of Donald Trump in the US, who is likely to impose high tariffs on imports.

In her speech, Chancellor Rachel Reeves also emphasised that the UK should look towards building a closer relationship with mainland Europe, though she pointed out there is no moves to rejoin the EU.

Reeves called financial services “the crown jewel in our economy” that the UK should not take for granted. The UK government will publish a strategy for financial services in spring next year, focusing on fintech, sustainable finance, asset management, insurance, an capital markets.