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The Impact of the Financial Market Disruption on the UK Economy - speech by Sir John Gieve

In a meeting with the London Chamber of Commerce and Industry, Sir John Gieve – Deputy Governor of the Bank of England – discussed the recent financial market disruption, its impact on the UK economy, and the increase in immediate inflation pressures from energy and food.

Published on 17 January 2008

He said “growth is slowing quite sharply now, in part because of the rises in interest rates last year. That in itself might justify a progressive shift in policy – from restrictive to a more neutral stance. And the case for easing has been greatly strengthened by the disruption in global credit markets and in our own banking system which brings a risk of a deeper downturn.”

Press release