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UK's GDP to fall 4% in first quarter: Bank of England head to paper

Reuters
Updated ·1-min read
Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London

MILAN (Reuters) - Economic growth in the United Kingdom will fall by 4% in the first quarter from the same period last year and by 19% compared to the first three months of 2019, the governor of the Bank of England said on Tuesday.

In an interview with Italian daily Il Sole 24 Ore Andrew Bailey said the bank would continue buying government bonds this year but added negative yields would negatively impact company savings and investments.

UK inflation will stay below the 2% target but will initially flare in the short term due to public support measures, he said.

(Reporting by Francesca Piscioneri, writing by Stephen Jewkes, editing by Giulia Segreti)