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“For me, risk of a permanent hit to GDP from the pandemic is likely to be above 1.5% points,” Bank of England (BOE) Deputy Governor Dave Ramsden told parliament while delivering the BoE’s annual report on Wednesday, as reported by Reuters.

Additional takeaways

“Likely there will be a semi-permanent effect from this shock on the commercial property sector.”

“Commercial real estate will probably see less investment in the immediate future.”

“Open question whether this will result in a more productive economy.”

“Possible investment in retail will shift into the capital from labour, could result in greater productivity.”

“UK inflation expectations have recovered.”

“Inflation expectations appear well-anchored, the MPC can take some comfort.”

“Comfortable with where inflation expectations are at the moment.”

Market reaction

The GBP/USD pair remains under heavy bearish pressure and was last seen losing 0.53% on the day at 1.3310.

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