Next Bank of England governor calls for funds for coronavirus-hit firms

Andrew Bailey says Bank has limited room to help economy by cutting interest rates

The incoming governor of the Bank of England, Andrew Bailey, has called on the government to offer emergency financial support to help British companies through the worst of the coronavirus outbreak.

Warning that the central bank had limited room to support the economy by cutting interest rates, he told MPs on the Treasury committee: "We are collectively now going to have to provide some form of supply chain finance in the not too distant future."