He told me: "Although the Monetary Policy Committee members are frequent visitors to the region, this is a particularly timely opportunity for them to be able to hear directly about business conditions and the challenges facing the Yorkshire and Humberside economy."

We all know what happened next. The Bank of England's MPC slashed interest rates by 1.5 per cent to 3 per cent in the biggest cut for more than 50 years. Did they hear something in Yorkshire that prompted this dramatic decision?

I know that in advance of the visit, business leaders were planning to give Mr King an uncompromising message about the importance of interest rate cuts.

Kevin O'Connor, the chairman of the Leeds Financial Services Initiative, told me a month ago: "I know he is worried about inflation but I think the wider economic situation warrants really prompt and tough action by the Bank of England. There is room for some more interest rate cuts to stimulate the economy."

Aside from the showpiece dinner with 1,000 guests, the Bank's press office said MPC members took part in question and answer sessions with 800 business contacts, representing a very wide range of business activity and sectors, at 32 different events in North, South, East and West Yorkshire.

In Mervyn's keynote speech in Leeds, the respected Governor acknowledged for the first time what many of us had been fearing for a while. Britain is likely to be heading for recession.

We know that the MPC usually takes its decisions on up-to-the-minute economic data and intelligence provided from its network of regional agents.

This time, they wanted to get out to the regions to find out what was happening at the coalface. They could not have picked a better place to begin, given that Yorkshire is at the heart of Britain's economy.

While they were here, it is safe to say that the MPC members will have been told in a straight-forward and direct way exactly what to do. It seems they listened.

Now let's hope the cut has its intended effect and stimulates the economy.



MIGHT we look back in a few years and regret that we did not do more to save Halifax?

The venerable Halifax and Bank of Scotland brands look set to be sold for a song to Lloyds TSB when the deal goes through, as the boards of both banks seem determined will happen.

But aside from the handful of individuals leading the banks and a few here-today-gone-tomorrow politicians, how many others think it a good idea that these two giants merge?

The government's recapitalisation plan prompted suggestions that HBOS could remain as a stand-alone, Yorkshire and Scottish politicos have been banging their respective drums for independence and at the weekend two banking grandees outlined in a letter their future vision for this particular legal entity.

It is easy to imagine the fear and uncertainty felt by many thousands of employees and their dependents in Halifax as they wait to find out if their new masters at the proposed Lloyds Banking Group will sack them in the new year.

It is harder to imagine however just how bad the effect that widespread job losses would have on Yorkshire's proud communities. I also know from my own conversations with smaller financial institutions that they are concerned about the power and might of the new megabank and the negative effect it will likely have on their ability to compete.

Market conditions today are changing so violently and are so difficult to predict that the terms which once might have seemed reasonable now resemble an appalling prospect for share-holders and employees alike.

That old saying comes to mind: "Marry in haste, repent at leisure..."