Economic Affairs Committee
2 June 2026
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Economic Affairs Committee House of Lords
00:03 - 01:02
Speaker 25
Well, welcome to, the committee's annual evidence session with the governor of the Bank of England. We're delighted that Andrew Bailey, the governor, is with us today. Thank you so much for your time. The session is being broadcast on Parliament live TV, and, a full transcript is going to be taken, which we'll make available to you and your team shortly after the meeting to make any factual corrections. Let me let me start, governor, with a a general question about the current economic moment we're in, which is perhaps a bit contradictory.
The current forecast suggests modest growth, some sense of recovery, but in a context of heightened geopolitical uncertainty, which, looks quite ominous from one point of view. How concerned are you about The UK economic outlook given these different trends we that are happening and the different challenges that The UK faces?
01:03 - 02:02
Speaker 6
Well, it it may be most helpful to take that question in two parts and to look at the sort of the shorter run immediate context and then the sort of longer run context, because I think both are both are important. I mean, shorter run context is obviously that, you know, events in The Gulf have become, in some ways, the dominant influence. And, you know, it's another terms of trade shock. So in other words, we've got, you know, higher import higher energy import prices, and that will, other things equal, push inflation up relative to where we thought it would be, and it will push demand down. So we've got this sort of trade off of growth and inflation.
I gotta be honest with you. It is enormously frustrating because and I think the evidence that we've had, if subsequent to the conflict breaking out bears this out, I was expecting that, you know, we would be able to I would be able to be here this afternoon. We would be at the inflation target. And I think I think the evidence bears out that we would have been. We're not.
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