s a will there's a way ". there will be many other effective ways available from across the g20 members and beyond ; indeed sharing those varying approaches as we are doing today is central to the ethos of the g20. through a potentially much greater contribution from islamic finance, progressed by our discussions and learnings today, we can better achieve the g20 indonesian presidency aim to " recover together, recover stronger ". i would like to thank zish jooma, amy lee and rupal patel for their help in preparing the text and arshadur rahman, timothy rawlings and christopher worthington for their comments and contributions. 4 / 5 bis - central bankers'speeches 1 i am indebted to my colleague andrew hauser for this speech reference, which was included in his december 2020 speech'why islamic finance has an important role to play in supporting the recovery from covid – and how the bank of england's new alternative liquidity facility can help ', at the launch of the alf. 2 international energy agency ( 2021 ), world energy outlook 2021 3 glasgow financial alliance for net zero, gfanz ( 2022 ), financial institution net - zero transition plans 4 rahman, a. ( 2018 ) chapter 9 : the case for gdp - linked sukuk. in shiller, r, et al., sovereign gdp - linked bonds : rationale and design ( pp. 79 - 88 ), cepr press, london. 5 fitch ratings ( 2022 ), special report : global esg sukuk market 6 refinitiv ( 2022 ), sukuk perceptions and forecast study 2022 : navigating a new environment 5 / 5 bis - central bankers'speeches

expectations are consistent with a rise in unemployment to around 8 or 9 %, at least a percentage point higher than the mpc ’ s august projections. this is another example of the wedge between public and policymaker expectations. it also means households and businesses would be positively surprised if the mpc ’ s projections were to materialise. the third of the unholy trinity of risks – brexit – is in some ways the hardest of all to judge. it too, though, is a controllable risk, at least to some degree, by businesses and policymakers. whatever the final outcome of the trade negotiations, it is clear the uk will be leaving the customs union with the eu at the end of the year. doing so in a way that reduces operational frictions in trade, and hence costs for the economy, will require intensive preparatory work by the government and businesses. existing surveys suggest many firms still have a distance to travel before they are fully prepared for leaving the customs union with the eu, understandably so given the disruption caused by covid. but there is still time for this operational work to be done and it will be important businesses prioritise that in the weeks ahead to minimise disruption to their businesses and the economy. i am confident uk companies will rise to this challenge, as they have to the challenge of covid. let me say a final word on monetary policy. the mpc has already taken extraordinary monetary policy action in the face of the covid crisis, reducing bank rate by 65 basis points and expanding qe by a further £300 billion. through its forward guidance, the mpc has made clear that it will not tighten monetary policy until there is clear evidence of progress being made towards reducing unemployment and returning inflation to target on a sustainable basis. the mpc has also made clear that it stands ready to take whatever further action is needed to support the economy and return inflation sustainably to target, should that prove necessary. alongside public health and fiscal measures, this forms part of the on - going economy - wide insurance policy put in place during the covid all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice crisis. that insurance policy should be a source of confidence and comfort for companies and households with understandable concerns about their businesses and jobs. at its meeting earlier this month, mpc decided no further monetary policy action was needed to achieve its statutory objectives. the mp