Bailey speech: Economic outlook risks have become more two-sided

Following the Bank of England’s (BoE) decision to leave the policy rate and the Asset Purchase Facility unchanged at 0.1% and £895 billion, respectively, BoE Governor Andrew Bailey is delivering his remarks on the policy outlook.

Key quotes

“Economic outlook risks have become more two-sided.”

“Not easy to reach a firm view on how much UK households will release savings built during the pandemic.”

“On new trade ties with the EU, haven’t seen anything to change my view in November that it would drag on Q1 GDP.”

“My message to markets is do not read future MPC decisions based on toolbox moves.”

About Andrew Bailey (via bankofengland.co.uk)

“Andrew Bailey previously held the role of Deputy Governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as Executive Director of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting.”