BoE's Bailey sees economic risks skewed 'very heavily' to downside

FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen/Pool via REUTERS

LONDON (Reuters) – Bank of England Governor Andrew Bailey said risks to economic growth in Britain were skewed very heavily to the downside, and reiterated that he expected economic output at the end of September to have been 10% lower than a year earlier.

“Ten percent is still a huge gap, let’s be clear on that,” Bailey told an online seminar for central bank governors hosted by the Group of 30.

“We’re operating at an unprecedented level of economic uncertainty. Of course, that is heightened now by the return of COVID…. The risks remain very heavily skewed towards the downside,” he added.

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