Bailey speech: Real unemployment rate is higher than being reported

Following the Bank of England's (BoE) decision to leave the policy rate and the Asset Purchase Facility unchanged at 0.1% and £895 billion, respectively, BoE Governor Andrew Bailey is delivering his remarks on the policy outlook.

Key quotes

"Labour market data are the hardest to interpret."

"We still think the real unemployment rate is higher than the reported one."

"Real unemployment rate is higher than being reported."

"It appears there is very high leverage among retail investors in the US and elsewhere."

"Retail brokerage platforms have to be ready for margin calls."

"This has potential to disrupt retail investor infrastructure."

About Andrew Bailey (via bankofengland.co.uk)

"Andrew Bailey previously held the role of Deputy Governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as Executive Director of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting."