A tourist souvenir stall stands on the Southbank in London, UK. Picture: SIMON DAWSON/BLOOMBERG
Governor Andrew Bailey told legislators on parliament’s treasury committee that the risks to growth remain to the downside, while one of his deputies, Dave Ramsden, said the economy might have lost more than 1.5% of growth permanently. The UK has been rocked by the coronavirus pandemic, with a 20% contraction in the second quarter that was the biggest among major developed nations. The BOE has unleashed a raft of stimulus measures, including slashing the benchmark rate to a record-low 0.1% and raising its asset purchase target to £745bn.
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