The UK economy started to gradually recover after easing of sanitary restrictions imposed during the coronavirus epidemic, however certain sectors remain weak and the long-term outlook for the economy is unclear, Bank of England Governor Andrew Bailey said on Friday.
“We are seeing a return of activity. We are starting to see this recovery,” Bailey said during a webinar hosted by the central bank.
Signs of a return of activity are “pretty strong” in the housing market and new car sales, he said. The situation is worse in the hospitality and entertainment business, where a large number of low-paid workers are employed.
In addition, it is unclear how cautiously people will return to pre-crisis life. There are also risks of a second wave of coronavirus or localised outbreaks, Bailey said.
The Pound traded slightly lower on Friday with price action determined almost solely by sentiments on USD.
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