May 14, 2020 / 11:09 AM / 20 days ago

UK economy faces longer-term damage from COVID shutdown: BoE's Bailey

FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen/Pool via REUTERS

LONDON (Reuters) - Britain’s economy will suffer longer-term damage from the current coronavirus shutdown but it remains highly uncertain how severe it will be, Bank of England Governor Andrew Bailey said on Thursday.

Bailey also said in a webinar organised by the Financial Times that it was unclear whether a 30% drop in Britain’s economic output in the first half of 2020, as outlined as a possibility by the BoE last week, would prove overly pessimistic or an under-estimate of the damage.

Writing by William Schomberg; editing by Guy Faulconbridge

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