Bank of England Chief Economist Andy Haldane has made some upbeat comments on UK household spending, as reported by Reuters, in light of the increasing cases of coronavirus in the country.
Key Comments:
“UK household spending has been remarkably resilient“.
“There is an open question about whether voluntary or involuntary social distancing is holding back spending.”
“The second wave of COVID-19 in the United States had little impact on total spending, but may have implications for the United Kingdom.”
“COVID-19 may reshape supply chains and trade patterns global “.
“Monetary policy can provide more cushion“.
“Fiscal policy has done more of the heavy lifting“.
“I have nothing new to say about negative rates.”
“Saying that the BoE is working on negative rates is not the same as being prepared to implement that tool“.
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Credits: Forex Street
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