The new Bank of England governor’s predictions about a swift bounce-back don’t inspire confidence

Andrew Bailey, the governor of the Bank of England, is only a few months into the job and already his reputation for sound management of the economy is in danger. Last week he published a scenario for the next two years that amounted to his best guess on the depth of the recession in front of us, and the prospects for a recovery.

The recession would be deep, he said. Most likely the deepest in more than 300 years. It would last for much of the year and cause severe hardship to many, with increases in unemployment not seen since the 1980s.

The economy would be hit by a premature end to the lockdown which would also "damage people's confidence very severely", Bank of England governor Andrew Bailey has warned.

The failure of City regulator the Financial Conduct Authority to fully get to grips with the Woodford scandal and all of those who have profited at the expense of hapless investors is reprehensible.