BoE’s Bailey says UK has acute challenge over weak growth — Reuters

Bank of England (BoE) Governor Andrew Bailey spoke on Saturday at an annual conference in Wyoming organized by the US Federal Reserve. Bailey said that the United Kingdom faces an “acute challenge” over its weak underlying economic growth and reduced labor force participation since the COVID-19 pandemic, Reuters reported. 

Bailey further stated that an aging population and an apparent illness-driven drop in working by younger Britons increased the need for efforts to boost economic productivity.

Market reaction

At the time of press, the GBP/USD pair was down 0.06% on the day at 1.3515.