The Money Gains Podcast Bank of England Senior Advisor Reveals: How The UK Economy REALLY Works
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Sep 24, 2025 Jack Leslie, a senior economic adviser at the Bank of England, dives into the intricacies of the UK economy. He explains how interest rates influence mortgages and savings, and why fixed rates hinge on future expectations. Leslie reveals the Bank's unique gold vault and discusses unconventional factors like Taylor Swift's tour affecting inflation. He also touches on the role of AI in economic analysis and the concept of Central Bank Digital Currency. Plus, he emphasizes the importance of cash and how climate risks factor into financial stability.
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The Bank's Surprising Gold Vaults
- The Bank stores about one twentieth of all mined gold under its floor and has large vault areas below ground.
- The basement is a working area with concrete corridors and even a gym, not a glamorous cavern of treasure.
What The Bank Of England Actually Does
- The Bank of England's mission is to promote the good of the UK via monetary and financial stability.
- It runs payments, issues banknotes and holds gold as part of that public purpose.
How Interest Rate Decisions Are Made
- The Monetary Policy Committee (MPC) is nine people who meet eight times a year to set bank rate.
- The committee mixes internal and external members to challenge views and avoid groupthink.