After the emergency rate cut by -50bps to 0.25%, BoE Governor Mark Carney and his successor Andrew Baily appeared as at press conference. He said today’s”comprehensive and timely package” will help households and businesses “bridge across the economic disruption” caused by the coronavirus. He hailed that it’s a “big package”, with a ” a huge term funding certainty for the financial sector”. Also, “there are fiscal measures that are coming”.
It’s “too early” to judge if there will be a recession in the UK, he added. “We have a sense of the direction, a sense of the orders of magnitude, could be large.” Though, “there is no reason for it to be as bad as 2008 if we act as we have, and if there is that targeted support.”
