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The City AM has reported that the Bank of England’s chief economist has warned against extending the government’s job retention scheme, saying that such a move would prevent a “necessary process of adjustment” taking place. 

Amid growing calls from industry groups to keep the furlough scheme in place for certain sectors, Andy Haldane told the City AM podcast that the Coronavirus pandemic “has already delivered lasting structural change to the economy which does mean, regrettably, some businesses will probably not make it through and some jobs may well not be coming back.” 

GBP updates

The start of the week’s news for financial markets came with the latest Brexit headlines which sent the pound down from the get-go.

The outlook remains dire for the British currency as the coronavirus also continues to spread.

  • Brexit woes are GBP bear’s happiness
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