Bank of England's Haldane says vaccine news could break gloom-loop

© Reuters. The Chief Economist of the Bank of England, Andy Haldane, listens from the audience at an event at the Bank of England in the City of London

LONDON (Reuters) – Bank of England Chief Economist Andy Haldane said that news of a possible vaccine for COVID-19 could be transformational for the economy which has been stuck in a “gloom-loop”.

“This could be transformational,” Haldane told Channel 4 News. “We’ve been … for so many months in this gloom-loop, right? The media coverage dominated by news of viruses and deaths and destruction of jobs and incomes. All of a sudden, at a stroke … some light appeared at the end of the tunnel.”

Haldane’s comments echoed those he made on Monday about the potential for the vaccine to give a confidence boost to the economy.

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