The Governor of the Bank of England Andrew Bailey has said the outlook for the economy is the worst he’s ever seen, as Britain struggles to boost low levels of growth.
Andrew Bailey said:
“If you look at what I call the potential growth rates of the economy, there’s no doubt it’s lower than it has been in much of my working life.
“It does concern me that the supply side of the economy has slowed. It does concern me a lot.”
He also said the second half of the battle against inflation will be tough and said people should not expect a frantic fall in the headline rate of inflation
There was,he said, still “a long way to go” before inflation is under control, and interest rates may have to remain where they are “for quite some time yet.”
