Thank you for inviting me to dinner again. I am, of course, delighted to be here and to share with you, members of the Chartered Institute of Bankers, my views on topical issues on the economy generally and the particular challenges confronting the financial and banking sector. 2.
The change in the SEP median suggests an improvement in the projected level of gross domestic product of 6 percent at the end of 2021 and 2022, a decline in the unemployment rate of 2 percentage points at the end of 2021 and 1-1/2 percentage points at the end of 2022, and an upward revision to the headline inflation rate of 0.8 percentage point at the end of 2021 that narrows to a 0.3 percentage point upward revision at the end of 2022.2 The expected improvements in the outlook reflect progress on controlling the virus, nearly $ trillion in additional fiscal support, and forceful and timely support from monetary policy.