Bank of England Governor Bailey: The United Kingdom is facing a weak growth environment and increasing uncertainty.

During his remarks at a panel discussion titled "Maintaining and Enhancing Open Financial Markets" held in the Belgian capital, Brussels, on Tuesday morning, Bank of England Governor Andrew Bailey commented on the economic situation in the United Kingdom. The key statements made by Bailey in this regard included:

• The term "cautious" was chosen in the Bank of England's monetary policy statement to highlight the increasing uncertainty about the economic situation and to ensure that this message is conveyed to the markets.
• The United Kingdom is facing significant challenges due to the country's weak economic growth environment.
• The latest labor market data released this morning in the United Kingdom shows that the readings are not far from what the Bank of England expects.
• Wage growth in the United Kingdom has risen less than the Bank of England had anticipated.
• We have not seen anything in today’s labor market data that would fundamentally change the Bank of England's perspective on the economic outlook.
• It is essential to maintain the multilateral framework of the global financial system.
• Long-term bond yields are being influenced by U.S. comments regarding tariffs.
• I agree with the U.S. Treasury Secretary's comments on the desire to see smaller movements in long-term bond yields.