LONDON (UK) – Bank of England Governor Andrew Bailey said risks to economic growth in Britain were twisted very heavily to the downside. He emphasised that an economic output was expected at the end of September to have been 10% lower than a year earlier.
Bailey was addressing an online seminar for central bank governors hosted by the Group of 30, said, “Ten percent is still a huge gap, let’s be clear on that.”
He added, “We’re operating at an unprecedented level of economic uncertainty. Of course, that is heightened now by the return of COVID…. The risks remain very heavily skewed towards the downside.”