A slight recession was evident in the second half of last year, according to official numbers, which Andrew Bailey tells a committee of MPs may already be gone.
Informing a committee of MPs of the Bank’s role in purposefully reducing demand in the economy to help lower inflation, Andrew Bailey stated that he thought the downturn would be among the shallowest recession events of recent times.
He was making his first public speech since the Office for National Statistics (ONS) revealed negative output in a preliminary estimate of the gross domestic product for the months of October through December of last year.
Because the economy had also seen negative growth in the preceding three months, it put the UK in a technical recession.
