Bailey: Pandemic is changing the economy
Andrew Bailey, governor of the Bank of England (BoE), says positive results from trials of coronavirus vaccines could trigger a surge in investment by removing some of the uncertainty that has held back spending. Development of successful vaccines, he added, would be a “a big step forward” for the economy. Mr Bailey told a TheCityUK conference that while nobody was sure how permanent any economic changes would be, his “best guess” was that there will be “lasting changes”. Elsewhere, BoE deputy governor Dave Ramsden has warned of the economic impact of the crisis, saying as much as £490bn would be lost to the economy over the next three years.