NEW:
New Governor of the Bank of England Andrew Bailey assures public of “prompt action again” to “minimise and stop damage” to the economy from Covid-19 outbreak - interview. More and watch on @BBCnews now
New Governor of the Bank of England Andrew Bailey assures public of “prompt action again” to “minimise and stop damage” to the economy from Covid-19 outbreak - interview. More and watch on @BBCnews now
The Governor was giving his first interview, hours after the Bank of England joined in a coordinated global central bank push to maintain the global flow of dollars, alongside the emergency Federal Reserve rate cut.
He said: “you saw some pretty big dislocations in financial markets last week in particular in dollar financial markets which of course global by nature. So fact that Fed, with the other central banks have extended swap lines is a step forward“.
He added: “We're going to see how that how that works its way through the markets today in the coming days to see what the effect is but I would emphasise that this is strong coordination among central banks”.
Asked if impact of global pandemic on economy would be more significant than the Bank’s words last week “large, sharp but temporary”, Mr Bailey, just hours into his tenure as 121st Governor, revealed the Bank was consulting epidemiologists to try to help work out economic impact.
FULL Story: bbc.co.uk/news/business-…
