Bank of England governor Andrew Bailey tells MPs the UK's economic downturn is "very small".
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    9 months ago

    This is the best summary I could come up with:

    By historical standards “this is the weakest recession by a long way,” Andrew Bailey told MPs.

    But Ben Broadbent, deputy governor of the Bank of England, who answered MPs’ questions alongside Mr Bailey, said this definition of a recession was “unhelpful”, and pointed out that other countries, such as the US, calculate it differently.

    But the Bank said it was waiting for further evidence in areas such as wage growth and the number of job vacancies to show that inflation - which measures the pace of price rises - had turned decisively.

    Ofgem, the energy regulator, is expected on Friday to lower the price cap on UK electricity and gas bills from April.

    But Mr Bailey said while that is likely to bring overall inflation down to the Bank of England’s 2% target during the spring, over the year it could rise again.

    “But even if that proves to be the case, the timing of any adjustment can only depend on the actual evolution of the economic data.”

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