He will not be afforded the luxury of a quiet start
This article was updated after the Federal Reserve cut interest rates on March 15th.
Mr Bailey has spent most of his career at the bank, serving in a variety of roles before moving to head the Financial Conduct Authority, a consumer-finance watchdog. He is widely seen within the bank as a safe pair of hands, an experienced technocrat who knows how to manage an organisation. At the time of his appointment one former colleague described him as “someone who is actually interested in the core business of central banking rather than building himself a public profile”.
The fiscal package was larger than expected, and the rate cut quicker. By contrast with other advanced economies, the extent of British policy co-ordination looks impressive. Although the Federal Reserve has cut its policy rate twice in quick succession, slashing it to near zero on March 15th, American fiscal policymakers bickered last week over their own measures. On March 12th the European Central Bank disappointed investors with a more timid response than had been expected.
The priority in the coming months will therefore be to prevent a rolling wave of insolvencies as otherwise-sound firms are unable to meet their financial obligations, whether because of supply-chain disruptions or a temporary fall in demand. A short-term shock may well be unavoidable but the aim is to prevent longer-term scarring where possible.
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