Many companies are likely to emerge from COVID with high levels of debt – Andrew Bailey

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Many UK companies are likely to emerge from the coronavirus crisis with high debt, above a comfort level, said the Governor of the Bank of England (BoE), Andrew Bailey on Friday.

The Deputy Governor of the Bank of England, Dave Ramsden, noted that its investment forecast in the UK is quite moderate, but added that it is possible to see risks to the upside and that it is higher.

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“We are likely to see more spending and online jobs from home than before COVID,” added the Bank of England chief economist, Andy Haldane. He noted that the UK housing market and construction sector “have been on a real roller coaster ride.”

Market reaction

The British pound showed no reaction to these comments and the GBP / USD is trading at 1.3690, holding much of Thursday’s rally, which was triggered after the Bank of England aimed not to introduce negative interest rates in the short to medium term.

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