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BoE's Bailey says key challenge is to get workers into jobs

Published 05/08/2021, 13:21
Updated 05/08/2021, 13:50
© Reuters. FILE PHOTO: Bank of England Governor Andrew Bailey speaks at the Financial and Professional Services Address, previously known as the Bankers dinner, at Mansion House in London, Britain July 1, 2021. Stefan Rousseau/Pool via REUTERS/File Photo

LONDON (Reuters) - Bank of England Governor Andrew Bailey said a key challenge facing Britain's economy was to get people back into work as the coronavirus pandemic fades.

© Reuters. FILE PHOTO: Bank of England Governor Andrew Bailey speaks at the Financial and Professional Services Address, previously known as the Bankers dinner, at Mansion House in London, Britain July 1, 2021. Stefan Rousseau/Pool via REUTERS/File Photo

"The challenge of avoiding a steep rise in unemployment has been replaced by that of ensuring a flow of labour into jobs. I want to emphasise that this is a crucial challenge," Bailey told a news conference after the BoE's latest policy announcements and economic forecasts.

The BoE did not expect to see a spike in unemployment when finance minister Rishi Sunak's job-protecting furlough scheme is phased out at the end of September, Bailey said.

Latest comments

there are plenty of report suggesting there are plenty of jobs out there, partly as a result of brexit. The problem in the UK is some people would rather take welfare rather than go out to work
he has to say that else the gbp would tank, the reality is the uk is heading for a depression by the middle of 2022 fueled by bad inflation, unemployment, and stimulation cant last forever, government bonds will get dumped and yeilds will spike, total carnage awaits
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