Bank of England to stay in emergency mode until recovery ensured, says governor

Andrew Bailey insists ‘act big and act fast’ response effective and declares Bank still has ‘firepower’

The Bank of England will stick with its emergency policy setting until it is sure the economy’s recovery from the Covid-19 slump is more than a summer bounce, Threadneedle Street’s governor has said.

Andrew Bailey told a symposium of fellow central bank governors that the Bank’s decision to “act big and act fast” during the early stages of the pandemic had proved an effective response to the market panic and economic lockdown.

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