COVID-19 is merely the most recent challenge. But, not to forget, on the top of that there have been multiple issues within the last decade. The consequences of the financial crisis of 2008–09, dramatic climate change and geopolitical developments, notably Brexit, are also having a profound impact on our industry.
The Bank has continued to implement drastic monetary easing to prevent the economy from being caught up in this negative cyclical mechanism, i.e., from falling into a deflationary spiral.