BoE's Vlieghe: Very likely that things are not going to snap back immediately

Bank of England (BoE) policymaker Gertjan Vlieghe argued that the economic recovery in the UK from the coronavirus outbreak is likely to take longer than initially anticipated.

"iI's very likely that things are not going to snap back immediately," Vlieghe said. "Risks are that recovery will take longer and look more like a U than a V."

Market reaction

The GBP/USD pair largely ignored these comments and was last seen trading at 1.2350, up 0.155 on the day. Meanwhile, the UK's FTSE is staying relatively calm on Thursday and was last virtually unchanged on the day at 5,765 points.