UK economy faces longer-term damage from COVID shutdown: BoE's Bailey
Reuters
Published May 14, 2020 07:10AM ET
LONDON (Reuters) - Britain's economy will suffer longer-term damage from the current coronavirus shutdown but it remains highly uncertain how severe it will be, Bank of England Governor Andrew Bailey said on Thursday.
Bailey also said in a webinar organised by the Financial Times that it was unclear whether a 30% drop in Britain's economic output in the first half of 2020, as outlined as a possibility by the BoE last week, would prove overly pessimistic or an under-estimate of the damage.
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Written By: Reuters
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