BOE's Bailey: Digitization benefits to productivity set to continue

Bank of England Governor Andrew Bailey has said that productivity gains stemming from digitizing the economy are set to continue. Bailey has been speaking in a panel titled "Digitalisation, intangibles and potential growth in a post-COVID world" in Venice, Italy.

Finance chiefs have convened there to discuss a global minimum tax among other topics. 

GBP/USD continues trading at around 1.38, holding onto its gains, driven by some dollar weakness. Earlier, the UK reported growth of 0.8% in May, roughly half the estimated rate. Concerns about the Delta covid variant persist. US yields have turned to the upside.