“We can't ignore it, frankly, at this point, because of the risks to the U.K. situation, to U.K. growth ... the impact on inflation could be ambiguous, but the risks to the U.K. economy, and to indeed the world economy, are substantial."
Bailey also warned against what he described as a “very damaging thing for the world" if President Donald Trump decided to pull the U.S. out of organizations like the World Bank and International Monetary Fund, after the administration began a review of the country's membership of international fora.
“If you think the world economy is somehow out of balance, the place to address those balances is in a multilateral forum, not by bilateral action,” Bailey said.