00:00Now, I've said many times as a public official,
00:02I take no position on Brexit per se,
00:04and that's very important.
00:05But I do have to point out consequences.
00:07The changing trading relationship with the EU
00:09has weighed on the level of potential supply.
00:12The impact on trade seems to be more in goods than services,
00:15which I don't think is particularly surprising.
00:18But it underlines why we must be alert to and welcome
00:20opportunities to rebuild relations
00:23while respecting that very important decision
00:25of the British people.
00:26But we shouldn't just focus on the effects of Brexit.
00:30The picture is now clouded by the impact
00:32of geopolitical shocks and broader fragmentation
00:34in the world economy.
00:37Now, I have to own up to being an old-fashioned free trader
00:39at heart.
00:40I think it's a British characteristic.
00:42I like to think it is.
00:44My point is this.
00:45Amidst the important need to be alert to the threats
00:47to economic security, let's please
00:49remember the importance of openness.
00:52It's an important determinant of productivity.
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