US Government Shutdown to Disrupt a Second Week of Economic Data

It’s always a great pleasure to visit Scotland, and a particular pleasure to be at the Investment Summit. I should start by explaining that the Bank of England, despite its name, is by no means solely an English institution. We serve the people of the United Kingdom, right across our country. To that end we have twelve regional agencies covering the whole country. These agents are our eyes and ears on the economy, talking every day to a large number of business contacts about their experiences and expectations. Our Agent in Scotland, Will Dowson is here today, and if you want a real read on the Scottish economy I highly recommend a conversation with Will. I undertake regular visits with all of the Agents, and I can let you into a secret, it’s the most fun part of my job. I love spending time with businesses, talking to people from Peterhead to Penzance, and getting their up to date assessment is invaluable assistance in our role of setting interest rates. Those who have heard me speak before will know I am a keen historian, so it wouldn’t do to come all this way without reflecting on the history of the Bank as it pertains to Scotland. In fact, the scheme that led to the founding of the Bank in the late 17th century was actually the idea of a Scotsman, William Paterson. He was a great ideas man. Some of his later schemes were, admittedly, less successful, and a particular adventure did a lot of damage to the Scottish economy, but he had at least one very good idea. You might regard it as ironic that the son of a Dum BoE Gov. Bailey calls for a supportive environment for investment to drive innovation and economic growth, particularly in the context of emerging technologies like AI. BoE Gov. Bailey: We must take a pragmatic and open-minded approach to the potential and risks of AI. MORE BOE'S BAILEY: UK MUST SUPPORT INSTITUTES AND INDIVIDUALS WHO DIRECT INVESTMENT TO WHERE IT IS NEEDED #bankofengland #ukeconomy #monetarypolicy #andrewbailey #scotlandinvestmentsummit