At a private lunch hosted by Cardiff Business Club, Bank of England Governor Andrew Bailey took part in an in-depth Q&A session with club members, discussing topical economic issues and insights.
In this Business News Wales interview before the lunch, the Governor speaks about his visit to Cardiff as part of his annual tour of the Bank’s 12 regional agencies. He shares his appreciation for Wales, recalling fond memories of family holidays in North Wales, and highlights the importance of close collaboration between government and business to drive economic growth.
The Governor also acknowledges Wales' strong financial services sector and its potential to attract further investment. He also addresses the broader economic landscape, noting that UK economic growth has been stagnant since late spring last year, amid global uncertainties. However, he expresses confidence in the possibility of interest rate cuts to support stability.
The interview moves to the role of digital technology in financial services, particularly in improving payment systems, tackling late payments for small businesses, and combating fraud. Bailey emphasises that while the Bank of England is exploring the potential for a digital currency, its priority is ensuring that the benefits of digital innovation are fully realised within existing payment systems.
Overall, the interview provides key insights into the Bank of England’s economic outlook, Wales' financial strengths, and the potential for digital technology to shape the future of finance.
Steve Hicks, the Bank of England's Agent for Wales, said:
“It was wonderful to welcome the Governor to Wales again. Agency visits of this sort are vital for Bank policymakers to hear first-hand from business leaders. This visit was no exception, with Andrew getting a good sense of business conditions from the Cardiff Business Club.”
Phil Jardine, chairman of Cardiff Business Club, said:
“It was a great honour for us to meet with The Governor of the Bank of England and as expected Andrew Bailey brought thoughts and a perspective that we do not normally encounter.
“His messages were overwhelmingly positive, and it is encouraging for us all in business that Andrew is at the helm of the Bank of England during what can only be described as challenging times. Those board members of Cardiff Business Club and guests present here at Sophia Gardens thoroughly enjoyed our privileged time with the Governor and we are very grateful to him for giving us his time.”
