LONDON – Hours after cutting interest rates for the first time in four years, Mr Andrew Bailey, 65, made his debut on TikTok.
It was a cautious foray for the Bank of England (BOE) governor into a social media platform known for dance battles and lip-syncing. Rather than attempt any such physical feats, Mr Bailey got out of his comfort zone by sitting down with a personal finance influencer to explain monetary policy to a younger generation increasingly suspicious of central banking. He even abandoned his omnipresent jacket and tie to project a looser, approachable vibe.
“I read all these articles about Taylor Swift’s impact and say, ‘Yeah, it’s interesting, but it’s not the big story,’” Mr Bailey told his interviewer, Ms Abigail Foster, dropping a name sure to resonate with the kids while discussing the BOE’s fight to contain rising prices.
The interview is part of an evolution in the way the 330-year-old central bank – founded to fund William III’s wars in France – is trying to communicate with Generation Z, who reads few newspapers and financial news wires. While hardly a viral hit, Mr Bailey’s video got over 42,000 views on TikTok and almost 3,000 likes on Instagram.
In recent months, the Old Lady of Threadneedle Street has enlisted influencers to expand its audience, amassing more Instagram followers than the European Central Bank. The BOE similarly featured dancing show stars Curtis and A.J. Pritchard in a video to launch the new King Charles banknotes earlier in 2024.
Such outreach is important not only because of changing news consumption habits, but also the BOE’s new, more challenging relationship with the public. While older generations might remember the world’s central bankers rushing to the rescue during past financial crises, the recent inflation shock prompted the BOE and its peers
