This is the flexibility and health of the supply side of the UK economy. Key issues relating to the supplyside performance of the economy include: how efficiently labour markets operate; how dynamic and entrepreneurial UK-based firms are; how various forms of regulation affect investment plans and the climate for doing business; and how efficiently the economy can reallocate resources away from declining activities to new areas of growth. I have been generally impressed by the supply side performance of the UK economy through this recession and the early phases of the recovery. Most businesses have showed resilience in the face of a big shock to demand, and the flexibility of wages and hours worked was used to protect jobs. Company failures have been lower than we have seen in previous recessions. 10 And the economy has turned round from the very worrying situation we faced in the middle of last year and has generated over 300,000 new jobs since last winter, according to the latest Labour Force Survey results. But there are some puzzles on the supply side of the economy too, and these have an important bearing on the judgements the Monetary Policy Committee is making at the moment. Capacity utilisation appears quite high given the early phase of the recovery. Chart 10 shows the responses from the CBI’s Industrial Trends Survey on capacity utilisation in manufacturing, where it is perhaps easier to assess than in the services sector.
6/8  BIS - Central bankers' speeches  Companies' one-time inputs can be automatically mapped across a range of major sustainability standards and frameworks, allowing them to cater to different investor requirements. Sustainability reports can also be automatically generated from these inputs. MAS will draw on the learnings from ESGenome to ensure that the ESG Disclosure Portal caters over time to the reporting needs of a broader universe of corporates, notably small and medium-sized enterprises, supply chain partners and suppliers. The ESG Registry draws on a blockchain solution to record and maintain the provenance of green certifications issued by various sectoral bodies. Titled ESGpedia, the ESG Registry was developed with the help of local Green FinTech firm STACS and launched in May this year. It allows banks to access green certifications issued by various bodies for their green and sustainable financing decisions. MAS will continue to work with STACS and our industry partners to build up the Registry's network of certifications, thereby providing more confidence to the users of these data. The Data Orchestrator aims to aggregate ESG data from multiple data sources. This will include major ESG data providers, utilities providers, sectoral platforms, and of course the ESG Data Registry. The Data Orchestrator will provide consentbased access to these sources. It will also allow new data insights to be generated through data analytics to better support investment and financing decisions. We aim to launch the Data Orchestrator next year.