Getting people back to work
The best way to improve people’s economic well-being over time is to get them working again and keep them working. Broad-based strength in the job market can help reduce income inequality.
Government income replacement and wage-support programs have led the response to this crisis, trying to keep workers connected to their jobs and supporting those who have been laid off.
For our part, by maintaining low interest rates, the Bank is supporting consumer spending and business investment by making borrowing more affordable. This helps the economy grow, which creates jobs. When the economy gets back to its full capacity with full employment, it helps us achieve our inflation target.
Given the depth of the economic hole, it’s clear much of this support will be needed for some time.