BoE Chief Says Covid-19 Restrictions To Delay Recovery

BoE Chief Says Covid-19 Restrictions To Delay Recovery

Bank of England Governor Andrew Bailey reportedly said the third national lockdown to contain the spread of the coronavirus will delay the economic recovery.

In an online speech to the Scottish Chambers of Commerce, he said the second wave would ‘delay, probably, the trajectory’ of recovery.

Although the unemployment rate is officially at 4.9 percent, the rate is likely to be around 6.5 percent, he noted.

Regarding negative interest rates, he reportedly said that there is nothing to stop it at all. However there are a lot of issues with it.