“We expect a negative quarter in the first quarter of 2021“said the Governor of the Bank of England (BoE), Andrew Bailey, in an interview with the Daily Echo on Friday.
Additional comments:
“There has clearly been a hit, it is not surprising. On the other hand, there is a clear message that there is very strong, sustained and growing underlying container trade, for example. “
“Obviously it has been a great blow, as we know, but a certain sense of optimism that with the news about the plan to lift restrictions, the vaccination program, the reduction of COVID cases, there’s some light coming in at the end of the tunnel, a sense of renewed interest, some beginnings of excitement in terms of getting ready to start planning things. “
“So there is the feeling that it has been a great success, but with the feeling of ‘Perhaps now we are beginning to see a real light at the end of the tunnel ‘“.
“The impact of Covid on the economy had been felt ‘very unevenly’“.
“Some parts of the economy, in particular service sectors that depend on close human contact (nonessential retail, hospitality, travel) were severely affected, other parts are not particularly affected. If you are an online retailer, you are doing quite well actually, so it’s a mixed story in that sense. “
“The impact of the second closure of last year was less severe than the first. Obviously, we are now in the third lockdown, which is more substantial and we expect a negative quarter this quarter, but not in any way like the one we had in the spring of last year“.
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