Comments from the BOE governor in a webinar
- Picture has been mixed since Sept due to covid return
- Little evidence to go on for assessing impact of January lockdown but Nov lockdown data suggests impact is diminishing
- I think we are going to see a pronounced recovery in the economy
- Big question for recovery is what people do with extra savings as economy gets back to normal.
Macklem made the exact same point about savings today. If history is any precedent, spending will soar but you hate to make any predictions about pandemic behaviour. That will be something to watch after the vaccine.
