BOE’s Bailey Says U.K. Faces Risk of Longer, Harder Recovery

The U.K. faces a protracted recovery from the coronavirus crisis and Bank of England policy makers stand ready to add more stimulus, according to Governor Andrew Bailey.

In comments that appear more downbeat than a scenario published by the central bank earlier this month, Bailey wrote in the Guardian Wednesday that the U.K. faces the risk of a “longer and harder recovery” than after previous recessions. The Monetary Policy Committee is right to consider options including cutting interest rates after having already slashed them to a record-low 0.1%, he said.