The Bank of England’s governor has said the outlook for the UK economy is the worst he has ever seen.
Speaking in an interview with The Chronicle in Newcastle, Andrew Bailey raised concerns over the UK’s future prospects just days after the Office for Budget Responsibility slashed its predictions to show almost zero growth over the next two years.
He added that interest rates were unlikely to be cut in the foreseeable future and that the next phase of cutting inflation, from 4.6% to the target level of 2%, would be “hard work”.
