Andrew Bailey needs to be more convincing about the path to recovery
by Guardian Staff from on (#53944)
The new Bank of England governor's predictions about a swift bounce-back don't inspire confidence
Andrew Bailey, the governor of the Bank of England, is only a few months into the job and already his reputation for sound management of the economy is in danger. Last week he published a scenario for the next two years that amounted to his best guess on the depth of the recession in front of us, and the prospects for a recovery.
The recession would be deep, he said. Most likely the deepest in more than 300 years. It would last for much of the year and cause severe hardship to many, with increases in unemployment not seen since the 1980s.
Carney was expert at conveying the sense of being one of a few wise heads able to comprehend the magnitude of a crisis
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