Speech archive
Central bank speeches compiled from the BIS archive. Speech texts, summaries and the hawk/dove score are produced automatically every day; the newest entries may stay unscored until the next run.
- BoE29 September 2026·David Ramsden+4.0 (hawkish)
Quantitative tightening - the next chapter
BoE Deputy Governor Dave Ramsden explained the MPC's decision in September 2026 to move from an annual approach to QT to a multi-year path: running down the stock of gilts held for monetary policy purposes entirely by the end of 2034 through annual sales and redemptions of 20 billion pounds, holding 120 billion pounds as backing for banknotes, and considering sales to the Treasury rather than the market. He stressed that Bank Rate remains the active policy tool and that the effect of QT on yields is relatively limited. He said he supported holding Bank Rate at 3.75 percent; having expected cuts before the Middle East conflict, the current holds effectively amount to tightening. He said risks to the inflation outlook are skewed to the upside and that, if upward pressures continue to build, a case for raising rates could emerge.
- BoE16 September 2026·Andrew Baileyno policy signal
The institutional form of independent central banks - from history to contemporary challenges
BoE Governor Andrew Bailey examined the institutional legitimacy of independent central banks, starting from the intellectual traditions of thinkers such as Montesquieu, Locke and Hume. He argued that monetary and financial stability are public goods belonging to society as a whole, and that central bank independence serves to protect these goods from short-term political pressures. He stressed that the legitimacy of independence derives from Parliament's delegation of authority and from accountability. Noting that central banks are criticised both for being too close to financial circles and for over-regulating, and that populist movements pose a separate challenge, he highlighted the importance of transparency and communication with the public.
- BoE31 July 2026·Andrew Bailey-1.0 (slightly dovish)
Growth and regulation
Bailey's speech focuses mainly on growth and regulation, but the opening briefly addresses monetary policy: he says that before the Middle East conflict he expected inflation to return to the 2 percent target around April-May, and that evidence this would have happened without the shock had strengthened in recent months. He says he is confident inflation will return to target and that conditions are encouraging, but that it will take longer, adding that economic activity is "quite soft". The rest of the speech covers the UK's low potential growth over fifteen years, how well-designed regulation can support growth and the questions AI raises for both liability law and cybersecurity.