UK will ‘bounce back’ from virus crisis, says ex-Bank of England deputy

A former Bank of England deputy governor has defied the bleak predictions of his ex-employer, saying the UK economy will “bounce back” from the coronavirus pandemic. 

Sir John Gieve, who was at Threadneedle Street between 2006 and 2009 during the height of the financial crisis, told Financial News that he expects the UK economy to brave the Covid-19 outbreak that has killed hundreds in the country.

“The talk of recession is a bit misleading. It’s not the result of the economic cycle, this is a public health-motivated suppression of activity. When that suppression is relaxed, you should see a rapid bounce back,” Gieve said.

Gieve’s comments are in sharp contrast to the Bank of England’s warnings over widespread job losses and business closures. The central bank has made two emergency cuts to interest rates this month and pumped more than £200bn into the UK economy to mitigate the impact of the crisis.

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