(The Guardian)
Bank of England’s Andrew Bailey expects permanent shifts in spending and work routines
The UK can see light at the end of the Covid-19 tunnel but the economy will never fully return to its pre-pandemic pattern, the governor of the Bank of England has said.
Speaking at an event organised by the Resolution Foundation thinktank, Andrew Bailey said the shifts in spending and working patterns seen since the country first went into lockdown measures a year ago would prove permanent.
The governor said the economy had been through a “traumatic experience” but predicted the scarring caused by the deepest recession in 300 years would be less than that caused by the decline of heavy industry in the 1980s and early 1990s.
