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Second COVID wave likely to increase scarring - BoE's Bailey

Tue, 13th Oct 2020 15:49

LONDON, Oct 13 (Reuters) - The second wave of COVID cases
afflicting Britain is likely to increase the pandemic's
long-term damage to the economy, as businesses go bust and
consumer behaviour changes permanently, Bank of England Governor
Andrew Bailey said on Tuesday.

"It's very hard at the moment, I have to be honest with you,
to put an estimate on how much scarring there will be," Bailey
told the House of Lords' Economic Affairs Committee.

"As COVID returns, and if the prospect is that it will go on
for longer ... the prospect of scarring would increase.”
(Reporting by William Schomberg, writing by David Milliken,
editing by Paul Sandle)

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