Bank of England Governor Andrew Bailey said on Tuesday that Britain's economy was facing its "darkest hour", and played down suggestions that cutting interest rates below zero would be a straightforward way to boost growth.
Bank of England Governor Andrew Bailey said on Tuesday that Britain's economy was facing its "darkest hour", and played down suggestions that cutting interest rates below zero would be a straightforward way to boost growth. His comments followed finance minister Rishi Sunak's warning on Monday that the economy would likely get worse before it got better, with the country now in its third national lockdown and struggling to contain the spread of the coronavirus. "There's an old saying about the darkest hour is the one before dawn," Bailey said in an online speech to the Scottish Chambers of Commerce.
Oil prices hit their highest in nearly a year on Tuesday on lower supply bets and Treasury yields tightened from 10-month highs after strong demand at an auction.
Bailey said he no longer thought that Britain s unemployment rate would peak at around 7-8%, as the BoE forecast two months ago, because the government had extended its job protection scheme., , unemployment rate, bank of england, governor, Andrew Bailey
BRUSSELS (dpa-AFX) - The pound was higher against its major counterparts during European deals on Tuesday, after Bank of England Governor Andrew Bailey downplayed expectations of taking interest