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It is my great pleasure to be at the 389th Cutler’s Feast. It is exactly 30 years since Eddie George made the last Governor’s speech at the Feast. Master, the Company had a 70 year start on the Bank of England. We are a mere youngster. From your founding in 1624, the company was the regulator of the cutlery trades in Hallamshire. The growth of the trade led to disputes over flouting of the company’s rules, including going into partnership with foreigners. Was this people outside Yorkshire? Senior Warden, you talked about the need for economic growth. I am going to join you on that subject. The title of my speech this evening is “Can AI make Cutlery”? Let me start with a few key facts on growth. For around fifteen years before the Financial Crisis (1990-2006), the average annual rate of growth of potential supply in the UK economy was around 2.8%. Productivity contributed 2.4pp and labour supply 0.4pp. For the roughly fifteen years since the Financial Crisis, the potential growth rate has fallen to 1.3% pa, of which productivity contributed 0.4pp and labour supply 0.8pp. The comparable figures for actual growth – the growth of demand – are 2.4% and 1.3% . This has had a direct effect on living standards. In t BoE Gov. Bailey: AI boost to productivity numbers could take time, how long is an open question. BANK OF ENGLAND GOVERNOR ANDREW BAILEY DOES NOT REFER TO CURRENT MONETARY POLICY IN PREPARED REMARKS TO BE DELIVERED AT CUTLER'S FEAST #bankofengland #boe #ukeconomy #monetarypolicy #andrewbailey