BoE’s Bailey: UK Facing Darkest Hour

The Governor of the Bank of England (BoE), Andrew Bailey, said on Tuesday that the British economy is challenged by the darkest hour amid the rising number of Coronavirus cases, Reuters reported.

The BoE Governor has ruled out turning to negative interest rates to boost the economy, despite what he sees as challenging months ahead due to the resurgence of the deadly virus.

A recovery remains in sight as Coronavirus vaccines are being rolled out, he noted, adding that the economy is expected to recover during 2021.

Britain is “in a very difficult period at the moment and there’s no question that it’s going to delay, probably, the trajectory.”

Moreover, Bailey suggested that the actual unemployment rate is closer to 6.5% than the official latest reading of 4.9%.