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Second COVID wave likely to increase scarring: BoE's Bailey

LONDON (Reuters) - The second wave of COVID cases afflicting Britain is likely to increase the pandemic’s long-term damage to the economy, as businesses go bust and consumer behaviour changes permanently, Bank of England Governor Andrew Bailey said on Tuesday.

“It’s very hard at the moment, I have to be honest with you, to put an estimate on how much scarring there will be,” Bailey told the House of Lords’ Economic Affairs Committee.

“As COVID returns, and if the prospect is that it will go on for longer ... the prospect of scarring would increase.”

Reporting by William Schomberg, writing by David Milliken, editing by Paul Sandle

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