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Bank of England does not see COVID bankruptcy wave - Haldane

Fri, 7th May 2021 13:13

LONDON, May 7 (Reuters) - The Bank of England does not
expect to see a wave of bankruptcies among British firms when
the government ends its coronavirus emergency support for the
economy, BoE Chief Economist Andy Haldane said on Friday.

Many debts racked up recently by companies are spread over
long durations "which increases the chances of them being able
to be paid back and therefore bankruptcy is not picking up very
much from current relatively subdued levels," Haldane said.

"But ultimately there are risks around that and we'll need
to track them through," he said in a presentation to businesses,
a day after the BoE sharply raised its forecasts for British
economic growth in 2021.
(Reporting by David Milliken
Writing by William Schomberg)

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