BoE's Ramsden: Labour market will be key determinant of policy thinking going forward

The unemployment rate in the UK is already quite a bit higher than the official measure, Bank of England (BoE) Deputy Governor Dave Ramsden said on Friday, as reported by Reuters.

Additional takeaways

"I do worry that COVID will be negative for certain aspects of real estate, challenging to re-purpose."

"Over time, uses will be found for new office space but there will be a reasonable degree of scrapping as well."

"Keeping the UK bank exposure to commercial real estate sector under close review."

"Furlough scheme is not stopping adjustment in the labour market."

"I don't think we will have a sudden rush of job losses when the furlough scheme ends."

"Labour market will be a key determinant of policy thinking going forward."

Market reaction

The UK's FTSE 100 pared early losses and was last seen gaining 0.2% on the day at 5,918.