The bank of England is trying something new to control inflation quantive tightening taking money out of the economy which is why it doesn't matter so much if we go into recession for a while because it's still taking money out of the economy
BoE Gov. Bailey: I wouldn't put too much weight on whether UK enters technical recession
BOE GOV. BAILEY: I WOULDN'T PUT TOO MUCH WEIGHT ON WHETHER UK ENTERS TECHNICAL RECESSION.— FinancialJuice (@financialjuice) February 12, 2024
Added at 2:12pm
BOE GOV. BAILEY: ANY UK RECESSION WILL BE SHALLOW.— FinancialJuice (@financialjuice) February 12, 2024
Added at 2:12pm
BOE GOV. BAILEY: I'M PUTTING MORE EMPHASIS ON FORWARD-LOOKING DATA.— FinancialJuice (@financialjuice) February 12, 2024
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Itís an enormous pleasure to be here at Loughborough University this evening. I can give you three reasons for this, itís not just the polite thing to say at the beginning of a lecture. In order of importance, I am going to start with David Llewellyn. David is very modest, you have to search quite hard to find out that he has been Professor of Money and Banking here since 1978. To say the least, that is impressive. David has been a leader in the field throughout that time. He has had many students, and he has provided the Bank of England with many of our excellent staff. As well as a big thank you, David, I think we must start planning your 50th. The second reason for the pleasure this evening is to continue a tradition of Bank Governors giving lectures here at Loughborough. Robin Leigh-Pemberton did so in 1986, and Eddie George ten years later in 1996. The gap has been 28 years this time, but I can lay claim to a bit of continuity because in 1996 I was Eddieís Private Secretary, and I had a bit of a hand in writing that lecture. The third reason for the pleasure is that I am a native of Leicestershire, Leicester itself to be precise. And, I have good memories of visiting Loughborough. One particular post: BOE GOV. BAILEY: I EXPECT BANKS TO HOLD LARGER RESERVES AT THE BOE THAN WAS THE CASE BEFORE THE FINANCIAL CRISIS. post: BOE GOV. BAILEY: BANKS SHOULD USE BOE LIQUIDITY MORE EXTENSIVELY.
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