Bank of England chief: hard yards ahead for UK economy
Saeed Pourreza
Press TV, London
The UK’s top banker has warned of a difficult time ahead for the UK economy following a slowing recovery from the pandemic in recent months. The announcement comes hot on the heels of several shocks to the UK economy, from supply bottlenecks and labor shortages blamed on the government.
Building Back Better, a catchphrase claimed by the UK prime minister about revitalizing the economy following the pandemic. So far, it’s only remained a slogan at best. His Bank of England governor Andrew Bailey says the economic recovery has stalled, and warned of tough times ahead.
One solution, Britain’s top banker says, is an interest rate rise, and he says he sees a growing case for it. Some economists are warning of its impact.
Britain's economy did bounce back from its nearly 10 percent slump last year, caused by the coronavirus and the government's shutdown of much of the economy.
The BoE governor’s warning comes as a shortage of truck drivers across the country, a consequence of Brexit, has led to a number of supply chain disruptions across different industries.
Most recently it hit the fuel industry; a shortage of truck drivers has led to a number of gas stations running dry, sending motorists panic buying petrol up and down the country.
The government has put emergency measures in place to try and resolve the crisis; it’s put military tanker drivers on standby and offered temporary visas for 5,000 foreign drivers. But it’s not guaranteed to work.
While the panic at the pumps might ease soon, there are other concerns that will keep Britons awake at night this winter: the consequences of a stalled economic recovery, a rising cost of living, and a pandemic that’s still out there.
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