The Governor of the Bank of England, Andrew Bailey, having presided over the latest Monetary Policy Committee meeting, spoke of his confidence that the worst of the downturn has passed and the recession that has been forecast and has probably already started will be both shorter and shallower than is being forecast elsewhere.

Not being prone to over exaggeration during his close to three years as Governor, Bailey is considered by the markets to be a pragmatic and cautious Governor.

For this reason, the financial markets place a great deal of confidence in his comments.

Although the IMF reported this week that it sees the UK suffering from a downturn that is unmatched by any other developed economy, Bailey studiously avoided referencing their report in his own statement.

The MPC saw fit to hike rates by fifty basis points, the tenth consecutive meeting at which they have tightened monetary policy.

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