Bailey: Says last MPR was first time since......>

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.