Bank of England chief says recession still ‘likely’ – but welcomes ‘clarity’ on energy bills

PA

The governor of the Bank of England has said he welcomed the prospect of a “clear way forward” to tackle soaring energy bills from Liz Truss.

The expected announcement from the new prime minister on energy bills would reassure markets, said Andrew Bailey – but warned that recession remained the “most likely outcome” for the UK economy.

Ms Truss is working to finalise a multi-billion-pound package to freeze household and businesses’ gas and electricity bills, with some estimates that it could cost over £100bn.