The Prime Minister spoke yesterday of his confidence that the economy will see a return to a level of growth that is at, or above, trend next year. Rishi Sunak acknowledged that Brexit and the shocks created by the Coronavirus Pandemic had set the country back.

He went on to say that while all developed economies have faced their own unique challenges, the global increase in inflation has been a common theme. He praised the Bank of England for the manner in which it has tightened monetary policy over a period of eighteen months. Raining interest rates at eleven consecutive meetings.

The challenges that Andrew Bailey and his colleagues have faced have underlined the importance of having an independent Central Bank.

Bailey himself and his colleague, Deputy Governor, David Ramsden, testified before the Treasury Select committee yesterday. They were providing MPs with their views on the collapse of the Silicon Valley bank in the United States and any possible effect there may be to the financial markets in the UK and Europe.

Bailey said that the collapse of the band, primarily set up to cater to the financial needs of tech startups, was the fastest seen since the Barings Bank crisis in February 1995. He went on to say that it was unlikely that the issues that led to the sale of Credit Suisse to Union Bank of Switzerland were company specific.

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