Andrew Bailey Journalist Profile

Articles

Andrew Bailey: A central banker's view of global challenges and expectations for the Bretton Woods Institutions' response

Jan 21, 2025 | bis.org | Andrew Bailey

I am going to interpret my theme quite broadly this evening. That said, let me start – appropriately as we are at King's – with a quote from Keynes at Bretton Woods – on the importance of monetary stability as a prerequisite for reconstructing the world economy (with thanks to Martin Daunton for using it in his recent book on World Economic Government):"Without currency agreements you have no firm ground on which to discuss tariffs.
Andrew Bailey: Growth

Nov 29, 2024 | bis.org | Andrew Bailey

My Lord Mayor, Chancellor, ladies and gentlemenI am going to use my time this evening to talk about growth in the economy, why it matters, the current state of economic growth and its determinants, and what can happen in the future. These are, of course, very important issues. I will start with some scene setting and context. Our decisions on monetary policy require us to assess the consequences for inflation of the pressure at the time on domestic economic resources.
Bailey calls for UK to rebuild relations with EU

Nov 14, 2024 | dailybusinessgroup.co.uk | Terry Murden |Andrew Bailey

Britain must “rebuild relations” with the EU in order to resolve weaknesses in trade, according to Andrew Bailey, the Governor of the Bank of England. In his speech at the Mansion House he said the decision to leave the EU must be respected. However, he stressed the importance of openness to trade in goods and services which affects productivity. “As a public official, I take no position on Brexit per se,” he says. “But I do have to point out consequences.
Andrew Bailey: Michael D Gill Memorial Society Lecture

Oct 29, 2024 | bis.org | Andrew Bailey

Quite simply, I wish I was not giving this lecture today. Or, perhaps better, I wish I was giving it with Mike Gill here to participate. But, only one of those is possible due to his tragic and senseless killing. I am sure I am not alone in thinking that when these events happen to people we do not know, we find a sort of anesthetised isolation by resorting to commenting on the public policy implications in a rather dehumanised way.
Andrew Bailey: The future of money and payments

Oct 28, 2024 | bis.org | Andrew Bailey

Thank you for inviting me to offer some thoughts on what is not a small subject! I think there are two propositions in the world of payments which attract very broad support. One is that in addition to delivering stability there is a strong need to modernise some key payments practices, and thus an opportunity to improve efficiency and reduce cost. This applies to both domestic and cross-border payments, and wholesale (or high value) and retail.
Andrew Bailey: Today's challenges in financial stability - the new and the not so new

Oct 24, 2024 | bis.org | Andrew Bailey

Thankyou - it is a pleasure to be here. I am going to use my time to talk about global financial stability and the challenges we face today. But I am going to start with some theory. The reason is that there is an issue with financial stability in that the risks can take on a laundry list character, and a long list at that. This can leave a 'take your pick' mindset, and a sense that this is all too much, or that it is not sufficiently grounded.
Governor hints at interest rate cut next month – Daily Business

Oct 3, 2024 | dailybusinessgroup.co.uk | Terry Murden |Andrew Bailey

Bank of England governor Andrew Bailey has given a strong hint that the interest rate will be cut next month after saying it could become a “bit more aggressive” in cutting the cost of borrowing if inflation continues to fall. His comments sent the pound to its down to its lowest against the dollar in over a year, falling by 1.22% to $1.3104 though there was some switching to safer assets as the Middle East conflict intensified. The FTSE 100 edged 8.34 points lower at 8,282.52.
Bank says holds rates and says cuts will be gradual – Daily Business

Sep 19, 2024 | dailybusinessgroup.co.uk | Terry Murden |Andrew Bailey

Borrowing unchanged Borrowing costs have been held at 5% as expected though Andrew Bailey, the Bank of England’s governor, says cooling inflation pressure means there should be “gradual” cuts in interest rates over the coming months. He warned, however, that “it’s vital that inflation stays low, so we need to be careful not to cut too fast or by too much”.
Andrew Bailey: Reflecting on recent times

Aug 26, 2024 | bis.org | Andrew Bailey

I want to use my time to look behind the latest state of monetary policy, at issues that have arisen from the experience of recent years, but with some reflections on where we are now. The pandemic caused a sudden, coincident and precipitous fall in global demand and supply – one of these did not obviously lead the other. Moreover, in March 2020 we faced monetary policy and financial stability issues arising from the same source, namely the pandemic.
Rate cut expected as Scots GDP revised downwards – Daily Business

Aug 1, 2024 | dailybusinessgroup.co.uk | Terry Murden |Andrew Bailey

An interest rate cut today is finely balanced as the Bank of England weighs continued wage growth in the economy against the need to help firms impacted by higher costs. Financial markets and many economists believe the Bank will cut the rate hours after the US central bank signalled it could act next month. The Federal Reserve held its benchmark rate in the 5.25%-5.50% but is expected to announce a cut next month.