"The rise in cases of Coronavirus which is almost being ignored by the Government will start to concern the Bank of England if it continues for any length of time.

With most restrictions set to be withdrawn in under two weeks’ time, it will be difficult to halt, and although hospitalizations will remain low as a percentage of the number of those infected it will hit the economy hard if it continues for any significant period of time.

The Bank of England Governor has clearly set out his agenda for the beginning of tapering the Bank’s support for the economy, and his most obvious virtue is patience.

Andrew Bailey believes that despite the rise in inflation, even if it does reach 4%, as his former colleague Andrew Haldane believes, any damage to the economy will be transitory.

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