Bank of England Governor Andrew Bailey said regulators and financial service firms must work together so businesses are able to get the finance they need to invest for the future.
At the CityUK National Conference, held on Tuesday, Bailey talked about the long-term effects of Covid-19 and the investment required to support the recovery.
Heightened uncertainty about the future tends to have negative effect on investment. Both Covid and the process of setting the future relationship with the EU have increased uncertainty, he noted.
Since the release of the Monetary Policy Report, there have been encouraging news on the vaccine front.
“If we can now see some light at the end of the tunnel, we need to focus more on important questions about how our economies will look in the future, how we want them to look, what will be the legacy of Covid, and what we can do to support and prioritise any necessary more structural changes,” said Bailey.
He observed that while there appears to be no shortage of aggregate saving, investment is weak in the UK.
As well as maintaining interest rates which are consistent with achieving the inflation target, quantitative easing at a time like this can prevent an unwarranted tightening in financial conditions, Bailey said.
“At the Bank, we are emphasising work on the supply of finance for productive investment, which is important for long-term growth and for financial stability,” the governor added.
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