"We do hear those stories about input prices but we are not yet seeing strong evidence of passing-through into consumer prices," Bailey told lawmakers in Britain's parliament, echoing recent comments he has made about the inflation outlook.
"The dash for cash provided an unwelcome reminder that the post-financial crisis did not finish the job and left a dangerous gap in our exposure to the risk of financial instability," Bailey said in a speech to the International Swaps and Derivatives Association.
Mark Simpson, an expert on financial services at the law firm Baker & McKenzie, agreed that by the metric of job losses, London did not need to panic yet.
Bailey, who had been chief executive of LCF's financial regulator at the time of the collapse.
Bailey's "primary position" in his representations was that references to him or other individuals having personal responsibility for the FCA's regulation of LCF should be deleted.
"The simple point I'd make is this: the last time the committee considered this question, if my memory serves me right, was in 2018. The world has changed a lot since 2018."
Earlier on Thursday the BoE said its policymakers had asked staff to start work "to reconsider the previous guidance.
The BoE ramped up market liquidity auctions at the start of the pandemic, as well as cutting interest rates to a record low and restarting its asset-purchase programme.