In evidence to the House of Commons Treasury select committee on Monday, the Bank of England’s chief economist Andy Haldane said news of three successful coronavirus vaccine trials meant the UK’s economic outlook was brighter than the Bank’s forecast earlier this month. However, he warned against the public dropping its guard triggering a third wave of COVID-19. Also speaking with MPs on the Committee, the Bank’s governor Andrew Bailey said the economic cost of a no-deal Brexit would have a greater long-term impact than the damage caused by the pandemic. Models suggested the longer-term consequences were due to the time required to adjust to a new trading relationship, he added. Meanwhile, IHS Markit’s purchasing managers’ index fell to 45.8 in November from 51.4 the previous month, the lowest level since May.
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