March 18, 2020 / 1:23 PM / 21 days ago

BoE's Bailey: short-sellers who harm UK economy should 'just stop' - BBC

FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen/Pool via REUTERS/File Photo

LONDON (Reuters) - Investors who are short-selling company securities and harming Britain’s economy in the process should “just stop”, Bank of England Governor Andrew Bailey said on Wednesday as authorities grapple to deal with the coronavirus crisis.

“Anybody who says, ‘I can make a load of money by shorting’ which might not be frankly in the interest of the economy, the interest of the people, just stop doing what you’re doing,” Bailey told BBC News in an interview.

In short-selling, traders borrow a company stock with a view to selling it, hoping to buy it back later at a lower price and pocket the difference.

Reporting by Andy Bruce; editing by Stephen Addison

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