Sir Jon Cunliffe provides update on UK economy

The Bank of England has introduced a range of measures to support the UK economy during the coronavirus crisis, including quantitative easing to the tune of £100 billion.

In a briefing with Asia House Corporate Members today (7 July), Sir Jon Cunliffe, Deputy Governor of the Bank of England, discussed these efforts and the wider prospects for the UK economy.

Sir Jon gave a comprehensive overview of the economic impact of the crisis on the UK, including employment prospects, the influence on consumer sentiment, and projections for GDP this year.

He also shared his views on how the finance sector has responded to the crisis, and offered a global perspective on the pandemic’s economic effects, particularly on emerging markets.

Questions put to the Deputy Governor by Corporate Members included those on the resilience of the UK’s financial system, the potential impact of the COVID-19 crisis on mortgage repayments, and the current thinking around monetary policy at the Bank. The UK’s financial stability risks were also discussed, against the backdrop of a potential no-deal departure from the European Union in December.

Sir Jon also addressed questions on the role of the G20 and general international cooperation to tackle the crisis, and China’s progress in recovering from the pandemic.

The off-the-record briefing, chaired by Asia House Chief Executive Michael Lawrence, was convened digitally for Asia House Corporate Members.

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