Britain must prepare itself for an economic hit which may happen if the novel coronavirus outbreak deepens, says the Bank of England Governor Mark Carney.
So far, the central bank has detected a supply chain tightening which may be seen as a downgrade. However, it may be too early to ascertain how badly the UK may be affected.
Mark Carney said that the central bank would anticipate world growth lower than what it is otherwise and this has a knock-on effect on the UK.
“We’re not picking that up yet at all in the European and UK economic indicators, but if the world is slower than the UK, a very open economy, will have an impact.”
– Mark Carney
The Bank of England is keeping an eye on UK banks to make sure that they stay in good health to prevent a financial crisis.
As of Thursday, the number of coronavirus cases in the United Kingdom has gone up to 16.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.
