Partly as a result, in 2012 the UK economy created firms at more than three times the rate of the US.7 Taken together, these measures promote competition and spur innovation which ultimately benefits us all. And the UK has managed to combine some of the most flexible labour markets in the G7 with some of the most cooperative labour relations (Charts 9–10). This relative labour market flexibility helps the economy to absorb shocks, illustrated by the experience of the Great Recession. UK unemployment rose by less than in the US, and has fallen faster than in the euro area. Since the start of the Global Financial Crisis, UK jobs have grown 3 percentage points more than the US. Moreover, people’s attachment to the workplace has remained broadly intact. Compare that with the case of some euro members, where youth unemployment in particular has been devastatingly high, and with the US, where there was an unexpected rise in worker discouragement, with many working age adults exiting from the labour market altogether.8 This out-performance is positive for the UK’s dynamism in the medium run. More to the point, that means more people in work, building not losing skills, with real prospects for higher wages and better living standards. That is important because the UK still has work to do to close the gap between its productivity performance and the world frontier, defined by the United States (Chart 11). However, over the broad sweep of its EU membership, the UK’s productivity growth performance compares favourably.
They are wonderfully talented and represent the diversity in interests and perspectives of the team that we have here at the Bank. Celebrating the beauty and diversity of nature is as good a reason as any for an art exhibition. This is the first time that I have had the distinct pleasure of launching an exhibition here at the Gallery, and I am thrilled and honoured for it to be on this particular theme. 2/3  BIS central bankers' speeches  I am grateful to all who have taken the time to be here today – to share an appreciation of not just the artistic works exhibited, but also their message. I would like to thank in particular all the artists, Dato’ Dino of the WWF and the team from the Bank Negara Malaysia Museum and Art Gallery who worked to put this exhibition together. 3/3  BIS central bankers' speeches