"Bank of England Chief Economist spoke yesterday of his opinion that the UK economy will recover at a rate of knots. The shock to the economy of the first lockdown was far more damaging than the second wave since the Government already had support packages in place and business knew to a certain extent what to expect.

Comparing this human disaster to the 2008/9 financial crisis, Haldane went on to say that although the loss of human life is tragic, the structure of investment and financing remains intact, so it is far easier to recover economically.

Haldane has consistently been the most optimistic Bank of England Official as his fellow MPC members barrel with the idea of negative interest rates as a way of boosting the economy going forward.

There is a concern over the effect on banks of such a move. Their profits would be hit which would probably be welcomed by the general public, but this would have a knock-on effect on their capital base which would, in turn, curtain lending.

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