Governor of the Bank of England, Andrew Bailey on the bank's Covid-19 intervention

Synopsis

Andrew Bailey, the new governor of the Bank of England, started his term on March 16, immediately into a significant crisis. In his first week, the bank began rotating staff due to the pandemic, with only about half of the staff present. By the second week, the number of staff in the building dwindled to around a hundred, creating a deserted atmosphere. Despite these challenges, Andrew notes that the bank has adapted well to remote operations and technology. He recalls a critical moment on the third day of his term when the markets team alerted him to disorderly markets, marking a stressful introduction to his role. Andrew reflects on the difficulties faced by the economy during this period, emphasizing that while the bank is functioning effectively, the broader economic situation remains dire.