The Bank of England “needs more evidence” as to how the coronavirus is affecting the economy before deciding whether to cut interest rates, according to the incoming governor Andrew Bailey.

Speaking to MPs on the UK Parliament’s Treasury committee on 4 March, Bailey declined to rule out an emergency rate cut similar to that undertaken by the US Federal Reserve on 3 March, but pointed to differences with the US economy. “You can observe in the US that the market movements have probably been somewhat larger,” he said.