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In praise of Andrew Bailey

We have a governor of the Bank of England who understands the issues. That was not guaranteed

By Oliver Kamm  

Bailey of the Bank. Photo: Tolga Akmen/PA Wire/PA Images

“Britain nearly went bust in March, says Bank of England,” ran a headline in the Guardian this week. “UK finances were close to collapse, says Governor,” ran the equivalent splash in the Daily Telegraph. This was all wrong. Britain was not close to going “bust,” and the governor didn’t say it was.

The stories derive from a Sky News interview with Andrew Bailey, who took up his post as Governor of the Bank of England just as the coronavirus crisis erupted. It’s…

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