Comments from incoming governor Bailey:
- We have to be very nimble on coronavirus
- It's important that Carney laid out full tools that BOE has to tackle virus
- Says he has a strong history of doing things quickly
- All focus is on monetary policy but reasonable to expect we will have to provide supply chain finance in the near future
- Will have to move fast to help small-and-medium sized firms
There is increasing talk about lending on supply chains and whatnot but I'm skeptical that any government can put together workable packages fast enough. Who is going to be the lender? The BOE isn't going to get into direct lending and setting up a backstop would be a mess.
