Britain, seeking to exercise "Brexit freedom", called on regulators to help the City of London remain a global financial hub after it leaves the European Union. This year, as the bills for Brexit and Covid began to emerge, the BOE faced a striking balancing act.
The bleak outlook threatens policymakers in their bid to combat the economic downturn, while piling new pain on consumers and businesses already reeling from the fastest inflation in three decades. While some countries have been left unscathed by the pandemic and the aftermath of inflation, the UK's decision to leave the European Union has left it even more vulnerable.