Speaking at the Cheshire and Warrington summit Andy Haldane said that “Chicken licken” economists could dampen British recovery from Covid-19.
Haldane used the children’s fairy tale as an example of unnecessarily over-reacting to danger. He said: “My concern at present is that good news on the economy is being crowded-out by fears about the future”.
The chief economist words came on the same day, 30 September, that the ONS revealed the UK GDP hit a record slump of 19.8%.
The BoE official also made reference to GDP in his speech.
He said :”We expect UK GDP to have risen by a vertiginous 20% in the third quarter, its largest-ever rise. Since May UK GDP has been rising, on average, by around 1.5% per week.
“The pace of recovery has varied, starting slowly in May, picking up pace rapidly during June and July and is then expected to have slowed a little during August and September.”
He added: “Even if our GDP nowcast for August and September come to pass, there remains an average recession-sized gap between output and its pre-Covid level.”