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Bank of England policymakers warn of bigger risks for UK economy

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Bank of England Deputy Governor Dave Ramsden and another interest-rate setter, Gertjan Vlieghe, warned of risks that Britain's economy could suffer more damage from the coronavirus crisis than spelt out by the central bank last month.

LONDON - Bank of England Deputy Governor Dave Ramsden and another interest-rate setter, Gertjan Vlieghe, warned of risks that Britain’s economy could suffer more damage from the coronavirus crisis than spelt out by the central bank last month.

Vlieghe said there was “a material risk” that it could take several years for Britain’s economy to return to full capacity after its coronavirus shock. Vlieghe said some sectors might not recover their pre-pandemic size, leading to a reorientation of the economy. “So that will tend to cause short-run inflation to be higher than we thought it would be, and it probably won’t now go negative.”

 

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