THE GUARDIAN: Andrew Bailey also said disastrous mini-budget had damaged Britain’s international reputation
Britain is suffering worse economic performance than its rivals because of Brexit and a stark drop in the size of the workforce since the Covid pandemic, the governor of the Bank of England has said.
Andrew Bailey said a combination of headwinds had prevented the economy from recovering to pre-pandemic levels, while warning it would also take time for the government to repair damage to Britain’s international reputation caused by the disastrous mini-budget under the former prime minister Liz Truss.
It came as rampant inflation of 11.1% – the highest figure since October 1981 – piled more pressure on the Bank to continue raising interest rates.
In a downbeat assessment on the eve of the chancellor’s autumn statement, the Bank’s governor told MPs on the Commons Treasury committee: “I’m afraid it’s not a good story.” » | Richard Partington, Economics correspondent | Wednesday, November 16, 2022
