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“There will be elements of a faster-than-usual economic recovery as government lifts COVID restrictions,” Bank of England (BoE) Governor Andrew Bailey said on Wednesday.

Additional takeaways

“There will be a greater degree of natural caution by people after lockdown ends. We see elements of that recovery starting.”

“Financial sector much more resilient than before the global financial crisis.”

“The banking sector can aid recovery by continuing to lend.”

“BoE has had to provide action to address issues in the non-bank finance sector.”

“Will have to consider some reform of non-bank sector of finance after COVID crisis.”

“There is an issue about leverage in the corporate sector which comes to bite when you have a big shock.”

“We do not know how much economic scarring there will be.”

Market reaction

The GBP/USD pair inched slightly higher after these comments and was last seen gaining 0.43% on the day at 1.2785.

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