BoE’s Broadbent: globalisation has been largely a good thing

Container ship at sea

Bank of England (BoE) deputy governor Ben Broadbent came to the defence of globalisation in a speech on July 11, arguing the costs have tended to be significantly outweighed by the benefits.

Speaking to an audience in the Scottish town of Aberdeen – whose oil industry is heavily affected by global forces – the BoE deputy governor cited research that implied the job losses from globalisation in the UK were far outweighed by the benefits to consumers.

Taking the example of the clothing industry

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