BoE Chief Economist Andy Haldane said he was “probably a touch more optimistic” on the economy than his MPC colleagues. “Right now the prevailing narrative is a bit gloomier than I think is justified by the data,” he said. “I am, I hope, more open minded about what lies ahead both economically and policy wise.”
Haldane added that the “recovery isn’t being given enough credit”. The economy “has bounced back” because “the consumer has shown themselves to be incredibly resilient and adaptive and so too have businesses.” He also warned that pessimism surrounding the economy and job losses could “risk becoming self-fulfilling, and you’re then sucked down into some expectational vortex”.
