BoE's Bailey sees UK economy in ‘very difficult’ period

LONDON: Bank of England Governor Andrew Bailey said on Tuesday that the recent resurgence of the COVID-19 pandemic had left Britain's economy in a very difficult period that will delay its eventual recovery.

"(We're) in a very difficult period at the moment and there's no question that it's going to delay, probably, the trajectory," Bailey said in an online speech to the Scottish Chambers of Commerce.

However, he added that the basic shape of the recovery was likely to reflect the trajectory that the BoE outlined in a set of forecasts in November.