Andrew Bailey said the UK economy had reached a ‘turning point’
The UK is heading towards a plunging downturn far steep than other major economies, the Bank of England governor has warned.
Speaking at a conference in Sintra, Portugal, Andrew Bailey said Britain’s economy had arrived at a “turning point” in the wake of the Covid-19 pandemic, the soaring cost of living, the war in Ukraine and spiraling inflation.
He told the meeting of central bankers on Wednesday: “The UK economy is probably weakening rather earlier and somewhat more than others. I think that’s been somewhat evident now for a few months.”