In a significant address, Bank of England Governor Andrew Bailey urged the UK to rebuild its relations with the EU while honoring the 2016 Brexit decision. Highlighting the adverse effects of Brexit, particularly on trade in goods, Bailey noted that the UK’s economy is now 4% smaller as a result. Despite government resistance to rejoining the EU, he emphasized the importance of exploring better relationships. Concurrently, Chancellor Rachel Reeves proposed reforms to enhance the UK pension system, amid criticisms of government decisions that some say hinder economic growth.