Bank of England’s Bailey sees pronounced lockdown hit in first-quarter

LONDON (Reuters) – Bank of England Governor Andrew Bailey said on Wednesday that the impact of lockdowns on Britain’s economy seemed to be diminishing but the impact of the current one would still be pronounced.

Bailey said the share of retail sales that had moved online rose sharply in 2020 as consumers and businesses adjusted to social distancing rules

“We’re expecting however, obviously, quite a pronounced effect in the first quarter because this lockdown is obviously again necessarily a severe one,” Bailey said in an online discussion organised by the BoE.

(Reporting by David Milliken; Writing by William Schomberg)