. co. uk / publications / pages / speeches / default. aspx of course, given the uncertainties around climate, not everyone will agree on the timing or the scale of adjustments required to achieve this goal. but the right information will allow optimists and pessimists, sceptics and evangelists, to back their convictions with their capital. the main obstacle standing in the way of a smooth and timely market - led adjustment has been the absence of quality information on climate - related financial risks and opportunities. as the task force has highlighted, a significant number of climate - disclosure regimes – indeed on some counts around 400 – already exist. but existing schemes vary in their status, coverage and ambition. for example, while 80 % of fortune 500 companies participate in one of the existing schemes, it remains the case that only around a third of the top 1, 000 us companies produce broadly comparable information on the climate - related financial risks they face. the task force ’ s report – presented to you today – shows the way forward. let me highlight some of its recommendations that will make a major contribution. the first breakthrough is a disclosure framework that it sufficiently comprehensive for use by all publicly - listed companies, whatever their sector, across the full set of climate - related financial risks they face. the recommendations are designed to leverage, rather than replace, existing disclosure regimes. so the task force has set out how firms can comply more effectively with existing disclosure obligations, by disclosing their climate - related financial risks and opportunities in their mainstream financial reports. in turn, this should ensure that consideration of climate - related financial risk, and opportunities, is properly embedded within, and subject to, firms ’ corporate governance and risk management. reporting on these risks cannot remain a niche activity. decision - useful, actionable information the disclosure recommendations deliver actionable information that will be useful in decision making. in particular, they focus on four areas critical to how real - world businesses operate : governance, strategy, risk management, and metrics. see oecd ( 2015 ), “ climate change disclosure in g20 countries ”. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx the expectation is that qualitative and narrative disclosures will be complemented with quantitative ones as is the case for other disclosures made in financial statements. these are grouped into the categories of revenues, expenditures, assets and liabilities and

spencer dale : the uk ’ s economic recovery – why now ; will it last ; and what next for monetary policy? speech by mr spencer dale, executive director, monetary policy, and chief economist of the bank of england, at the confederation of british industry ( cbi ) east of england midwinter lunch, newmarket, 13 december 2013. * * * i would like to thank john lewis, matt trott and gavin wallis for their considerable help in preparing this speech. the views expressed are my own and do not necessarily reflect those of other members of the monetary policy committee. i thought i would start today with a short reminiscence about the late eddie george, who was governor of the bank of england between 1993 and 2003. soon after becoming governor, eddie gave an interview in which he was asked how he would judge the success of his governorship. now this was before the advent of the monetary policy committee, so he couldn ’ t frame his response simply in terms of hitting the inflation target. instead, eddie replied that “ my personal ambition is that the rate of growth of output should be above the rate of inflation for three years in a row ”. 1 at the time, this seemed a fairly tall order : prior to eddie taking over, this hadn ’ t been achieved even once since the second world war. but as it turned out, growth was stronger than inflation in every single year of eddie ’ s 10 - year reign. and that continued for the next few years after he ’ d retired. indeed, during the halcyon days of the so - called great moderation that preceded the financial crisis, it started to seem that eddie ’ s ambition was no longer quite so demanding. but – as you all know – then came the crisis! that, combined with a commodity price boom and a sharp depreciation in sterling, meant that the days of gdp growth outstripping inflation quickly became a thing of the past. we ’ ve failed to live up to eddie ’ s ambition for each of the past six years. the good news is that recent developments – on both growth and inflation – mean that we appear to be heading back towards an environment of which eddie would have approved. over the past six months, output has grown at an annualised rate of almost 3 %, almost a quarter of a million new jobs have been created and indicators point to a continuation of strong growth. at the same time, inflation has fallen sharply and, at 2. 2 % in october