August 7, 2020
Covid-19 is reducing jobs and incomes in the UK. It has also put a big strain on UK businesses’ cash flow, and is threatening the livelihoods of many people.
Our role is to ensure UK monetary and financial stability. We set monetary policy to influence spending in the economy and to ensure (the pace of price rises) returns to our 2% target sustainably. Low and stable inflation supports jobs and growth and helps people plan for the future. We ensure the UK financial system is resilient to, and prepared for, a wide range of risks – so that the system can serve UK households and businesses in bad times as well as good.