BOE governor, Mark Carney, comments to Sky News
Carney warns that the UK should prepare itself for an economic growth downgrade as the coronavirus impact deepens, in saying that the central bank had already detected a fall in activity that could imply a downgrade.
However, he does note that it is still too early to tell how badly the UK will be affected.
"What we are picking up with some of our bigger companies and companies around the world is that supply chains... are getting a little tight. That's lower activity. There's less tourism - as you can see on our streets here in the UK. That's lower activity as well."
The full transcript can be found here.
So far, BOE policymakers haven't been too negative on the whole situation but if things begin to escalate, expect rate cut odds to begin seeping in again and that will weigh further on the pound - alongside the bleak post-Brexit trade negotiations.
