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BOE: Bailey: Says last MPR was first time since independence a forecast was not
published (a scenario published instead). Use that to think about the various
influences. What was published was sensitivities around the scenario.
- Asked about second leg of the V recovery. Reason there is a different profile
to normal recession: economy has closed rather than been tipped into recession
through underlying economic cause. So reason to believe over some period of time
a reopening of the policy. Also job retention scheme will be able to provide a
restoration in employment unlike seen in a normal recession. Regarding scarring
there is a huge amount of uncertainty - if the economy recovers as the BOE
currently expect there will be less scarring. But "have to be clear" there are
various routes to scarring - firms failing, changes in demand. There will be
some scarring but huge uncertainty.

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