language that is hopefully non - elitist, in a format that means i am listening as much or more as i am speaking. it is a move out of the echo chamber, an attempt to begin the process of building personalised trust, bridging that great divide. conclusion the great divide is a problem for banking, but not just banking. there are good steps being taken to re - build trust with the general public, both within banking and more broadly. this effort will not only take time but may require some quite different approaches to pursuing and communicating purpose – purpose in banking and indeed in central banking. social capital is an elusive asset. but having seen it eroded, it now falls to us all to rebuild it, brick by brick, bank by bank, policy by policy, word by word. bis central bankers ’ speeches appendix chart 1 word clouds from the open forum source : bank of england open forum ( 2015 ). notes : the size of the text in each word cloud indicates the number of times each word was reported back. the poll was conducted online in 2015 q3 and via the bank of england agency network. it included over 2000 people, and included those from all regions of the uk, all age groups ( from school children to retirees ) and employment sectors ( including those not employed ). chart 2 annual report lengths length of report ( pages ) barclays hsbc lloyds rbs 2000 2002 year source : bank calculations based on published annual reports by barclays, hsbc, lloyds, rbs. bis central bankers ’ speeches chart 3 linguistic complexity measures for a set of publications source : bank calculations. notes : a dataset of around 600 paragraphs from each of the following sources was used. banks – a mixture of terms and conditions and various reports from barclays, rbs, hsbc and lloyds. boe – a mixture of bank of england speeches, reports and news content. ah – a selection of my recent speeches. political speeches – the leaders ’ speeches from conservative, labour and liberal democrat party conferences in 2012 and 2014. one tabloid and one broadsheet newspaper were also included. these measures consider not only sentence length but also the number of polysyllables ( words of three syllables or more ) and the average number of syllables per word. in general a lower number signifies lower complexity, apart from the flesch - kincaid reading grade level and coleman correct completion measures where a higher number implies lower complexity. for further details please see dub

the first risk relates to the record high levels of public and private debt reached during the pandemic, which make debt dynamics more sensitive to inflation undershooting. an accounting exercise indicates that if euro area inflation were to undershoot our baseline by 1 percentage point each year for five years, the private debt ratio would increase by around 7 percentage points. this is equivalent to firms and households taking on €900 billion in extra debt at a time when debt needs to be reduced. [ 25 ] that could depress investment and consumption and further reduce inflation. for governments, a similar exercise implies a 5 percentage point increase in the public debt ratio compared with the baseline over five years, and a 10 percentage point increase over ten years. [ 26 ] and for countries facing debt - to - gdp ratios of around 150 %, ten years of inflation undershooting could increase their debt ratio by approximately 15 percentage points. this is the opposite of what we need at a time when interest rates are near the lower bound and fiscal policy is a transmission channel of monetary policy. the second risk comes from the inequality that will likely result from the outsized impact of the pandemic on less advantaged groups. these groups typically have a higher propensity to consume, so a fall in their share of labour income would hold back domestic demand and inflation. moreover, if they cannot reintegrate into the labour market we could see long - lasting effects, including a permanent loss of human capital. [ 27 ] the best way to achieve that reintegration and contain scarring is through faster growth. getting back to our pre - crisis growth path would imply a 3 % increase in gdp by 2022 [ 28 ], which estimates suggest would create millions of new jobs. [ 29 ] that, in turn, would lead more quickly to tightness in the labour market, supporting wage growth and the return of inflation to our aim. it would also boost the life chances of the poorest members of society. for example, a 1 percentage point narrowing of the overall unemployment gap in the euro area reduces the unemployment rate of ‘ lowskilled ’ workers by 1. 3 percentage points more than the unemployment rate of ‘ high - skilled ’ workers. vibrant labour markets are the most effective way to support those who have lost the most from the pandemic and to reduce inequality. the third risk is that persistently weak economic activity can reduce productivity. [ 31 ] long periods of inactivity may hurt labour productivity through