March 4, 2020 / 5:01 PM / a month ago

Next BoE boss Bailey wants clearer view on coronavirus hit before rate decision

FILE PHOTO: Chief Executive of the Financial Conduct Authority Andrew Bailey speaks at a press conference at the Bank of England in London, Britain February 25, 2019. Kirsty O'Connor/Pool via REUTERS

LONDON (Reuters) - Andrew Bailey, the next governor of the Bank of England, said on Wednesday that he wanted to see more evidence about the economic impact of the coronavirus outbreak before deciding whether to cut interest rates.

“I think what we need frankly is more evidence than we have at the moment, as to exactly how this is feeding through,” Bailey told parliament’s Treasury Committee when asked if he favoured a rate cut before the BoE’s next scheduled policy announcement on March 26.

“We have got a building picture of evidence. The Bank of England is ... working extremely hard on it. I have been engaged on it this week, and I think then we can reach our judgment.”

Reporting by David Milliken, Elizabeth Howcroft and William Schomberg, Writing by Andy Bruce; editing by William Schomberg

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