Will the pandemic “scar” the economy?, speech by Professor Jonathan Haskel, of the MPC

Bank of England and University of Liverpool Management School to host a public speech given by Professor Jonathan Haskel of the Monetary Policy Committee.

Will the pandemic “scar” the economy?

Monday 19 July, 11:00-12:30

It has been an extraordinary 18 months for the UK economy, and policymakers have had to take unprecedented measures to steer the economy.

As we take stock of the impact lockdown has had on businesses and workers, one of the key questions is how much permanent damage or “scarring” has been done to the economy.

In this speech, member of the Bank of England's Monetary Policy Committee, Professor Jonathan Haskel will explain the factors that go into calculating scarring, such as increased unemployment and falls in investment.

Professor Haskel sees some reason for optimism. For instance, recent labour market developments do not indicate a large mismatch between vacancies and available workers, so we seem to have averted large scale long-term unemployment as a result of lockdown. Furthermore, whilst investment in buildings has fallen substantially during the pandemic, investment in intangibles and digitisation has actually risen. Professor Haskel will also talk about his preferred stance for monetary policy.

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