Covid-19 recovery will be tough, warns Bank of England governor

Andrew Bailey, writing in the Guardian, hints a new round of money creation will be needed

Speedy action by the Bank of England during Covid-19 is working

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The governor of the Bank of England, Andrew Bailey, has warned that Britain's recovery from its Covid-19 slump will be tougher than anticipated and signalled that a fresh wave of money creation will be needed to support the pandemic-battered economy.

Writing for the Guardian on a day that saw news that a third of Britain's 32-million- strong workforce is now being paid by the government via its staff furlough or self-employed support schemes, Bailey made clear that Threadneedle Street was contemplating new moves to boost growth.