Bailey warns UK economy could be hit harder than first expected

'Scarring' from coronavirus crisis expected

Anna Fedorova
clock • 1 min read

Andrew Bailey, the governor of the Bank of England, has warned the UK economy could suffer worse "scarring" from the coronavirus crisis than originally predicted in August.

Speaking in front of the Treasury Select Committee, the governor said the outlook for the UK is facing a "record level" of uncertainty, rendering any forecasts made for the recovery unreliable. One of the biggest fears is that the public would exercise "natural caution" in the face of the continued coronavirus threat, which would stop them from "re-engaging" with the economy. Andrew Bailey: BoE readying further 'unprecedented' response to coronavirus crisis The UK economy suffered a 20.4% hit in the second quarter, bigger than any other European nation, and the Bank predicted it wo...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot