Reuters reports that Bank of England (BoE) policymaker Michael Saunders said the long-term effects of Brexit could have a bigger impact on companies than the coronavirus pandemic.

"Businesses will shake off the effect of COVID-19 as they're temporary, but the long-term effects of Brexit could be more permanent," Saunders said.

BoE Governor Andrew Bailey said on Monday that a no-deal Brexit would cause longer-term damage to Britain's economy than the pandemic, and the impact of the change might be felt for decades.

Saunders also said Britain's economy was unlikely to fall into a recession.