Tuesday, 12 January, 2021
BOE’s Bailey
{GB} BOE’s Bailey
BoE Gov. Bailey: BoE is not supporting the government to borrow or engaging in monetary financing.
BoE Gov. Bailey: Government does benefit from BoE actions to keep borrowing rates down.
BoE Gov. Bailey: Probably no longer the case that official unemployment will peak at 7-8% as forecast in November due to extended furlough scheme.
BoE Gov. Bailey: True unemployment likely higher than the official estimate, probably around 6.5%.
BoE Gov. Bailey: We are in a very difficult period at moment, will delay recovery trajectory.
BoE Gov. Bailey: I expect Q1 output to be weaker than in BoE’s November forecasts.
BoE Gov. Bailey: It is hard for unemployment surveys at moment to distinguish between jobless people who are or are not looking for work.
BoE Gov. Bailey: Our best guess is that GDP over Q4 was flat to slightly down.
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