Via the UK Times, a report on remarks from the Bank of England's chief economist Andy Haldane
- The COVID-19 pandemic will leave permanent scars on Britain's economy
Says households and businesses cut back spending even following the virus being brought under control due to:
- companies saddled with higher debts
- households worried about their job prospects
"All crises leave scars and this crisis will be no exception"
Haldane speaking on a Royal Economic Society webcast.
Adds the Times:
- His comments suggest that the Bank may have been too bold last week when it warned of a 14 per cent fall in GDP this year, the deepest decline since 1706. It expects a 15 per cent rebound in 2021 in a V-shaped recovery
