BoE's Bailey: Business indebtedness rose less than feared during pandemic

Bank of England (BoE) Governor Andrew Bailey is testifying before parliament's Treasury Committee on Wednesday.

Key quotes

"Business indebtedness rose less during the pandemic than we feared."

"It's too early to reach a conclusion on how much business insolvencies will rise."

"On average, repayment of COVID loans may be easier than we had thought but will vary between sectors."

"Banks are saying the rate of repayment of COVID loans is higher than they expected, but early days."

Market reaction

The GBP/USD pair showed no reaction to these remarks and was last seen posting small daily losses at 1.3773.