CBI responds to Bank of England Monetary Policy Report and Interim Financial Stability Report

Rain Newton Smith, CBI Chief Economist, said:

“The latest scenario suggests the UK will experience a significant economic contraction, followed by recovery as social distancing measures are lifted.

“As thoughts move to restarting the economy safely and effectively, the focus must remain on quickly getting cash to those that need it most and ensuring we rebuild an innovative, sustainable economy. The bounce back loans, the CBILs and the Bank of England’s CCFF scheme are all important building blocks.

“With the aim of building back better, we need to consider how our vibrant Fintech sector can also play a role in providing finance in future.

“Throughout the crisis, the Bank of England has acted impressively to support jobs and the economy. And its coordination with HM Treasury has set a high bar for international policymaking and crisis response.”