Carney said that even though the intention of Brexit was not to close the UK off from the rest of the world, trade ties with Europe will be damaged and trade ties with other countries will take time to grow. Brexit is an example of “deglobalisation”, which will mean higher prices for consumers and the likelihood of higher interest rates to keep inflation under control, he said.

The same day, the British government said the UK and the EU will need a new security treaty after Brexit to ensure effective cooperation in criminal justice, EU citizens' safety, and the fight against terrorism.