Covid crisis changing the structure of UK economy, Bank of England chief says


Andrew Bailey says pandemic, climate change and Brexit may act to end low investment and spur productivity growth

The shock of the Covid-19 crisis has caused permanent change to the UK economy and could be the catalyst for ending a long period of low investment and weak productivity growth, the governor of the Bank of England has said.

Andrew Bailey told a CityUK conference in London that the uncertainty caused by the pandemic and Brexit had meant investment decisions had been put on hold but that the recent vaccine announcements signalled “light at the end of the tunnel”.

Productivity is an economic measure of the efficiency of a workforce. It typically measures the level of output per hour of work, or per worker.

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