UK economy facing its ‘darkest hour’ due to lockdown, warns Bank governor

Andrew Bailey says unemployment thought to be over 6% and talks down prospect of negative interest rates

The UK economy is facing its “darkest hour” due the latest Covid-19 lockdown, which is likely to delay the recovery, the Bank of England governor has warned.

In comments on Tuesday that echoed warnings from the chancellor, Rishi Sunak a day earlier that the economy “is going to get worse before it gets better”, Bailey said the UK would bounce back, but only after the lockdown had ended and concerns about the spread of the virus had receded.

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