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Bank of England team to make key visit to region
EXCLUSIVE: The Bank of England's Monetary Policy Committee will visit the region in a week-long, fact-finding tour this autumn.
The Governor Mervyn King will use the tour to deliver a keynote speech at a showpiece event on October 21 in Leeds.
It is the first major visit of the Bank to Yorkshire and Humber since 2001.
All but one members of the MPC, who set UK interest rates, are due to come on the week beginning October 20 and will spend their time visiting and meeting local businesses.
Mr King and his colleagues will be taking part in more than 30 events "to seek views on the state of the regional economy as part of their continuing dialogue with businesses and other organisations", said a spokesman for the Bank.
The Bank's regional agency, headed by Paul Fullerton with deputy Tanveer Hussain, is hosting the programme and will be arranging events with organisations including the Leeds Financial Services Limited (LFSI).
John Ansbro, chief executive of LFSI, said businesses would raise their concerns about the decrease in lending by banks, following the credit crunch, which has had "a knock-on effect on a number of sectors, particularly property".
He said businesspeople would be able to speak to members of the MPC and "make it very clear" their views about the management of the economy in the short and long-term future.
Mr Fullerton, of the Bank, said in a statement: "We value greatly our working relationship with the Yorkshire business community and the events in October will provide us with excellent opportunities to develop these further."
Kevin O'Connor, chairman of the LFSI, said: "Leeds is delighted to be hosting such a prestigious and important meeting by the Bank.
"While MPC members and the Governor regularly visit Leeds and the region and the Court – which manages the Bank's affairs outside monetary policy – has met in Leeds before, this will be an unprecedented opportunity to help the Bank get an in-depth understanding of the local and regional economy, hear the concerns of local businesses and exchange views."
The Bank holds annual, external Court meetings in the regions, which have included visits by members of the MPC.
The Court last visited Leeds in 2001.
Mr Ansbro added: "We are delighted they are coming here. We are delighted they have chosen this region and Leeds to be the first place for this sort of activity. It's testament to the fact they find us an exciting place."
Bank officials see this latest visit as innovatory as it will include nearly all members of the MPC. Currently, they are Mervyn King, the governor, Rachel Lomax, a deputy governor, Sir John Gieve, a deputy governor, Kate Barker, Charlie Bean, Tim Besley, Andrew Sentance and Paul Tucker.
Professor David Blanchflower is unable to attend as he will be on business in America.
Each member of the MPC has expertise in the field of economics and monetary policy.
Each has one vote to set interest rates at the level they believe is consistent with meeting the inflation target at their monthly meeting. Ms Lomax is due to stand down next month, with speculation yesterday that Mr Bean, the Bank's chief economist, is set to replace her.
A Bank spokesman would not comment on this, saying that a decision and announcement on the appointment was expected from the Treasury in due course.
The spokesman said the new deputy could come from within the committee or the Bank; an external appointment may also be made.
Mr King's speech will be about the economy and will take place at a dinner at the Royal Armouries on the evening of October 21.
Yorkshire Forward, the Institute of Directors, the CBI, Leeds Chamber of Commerce and the Bank of England are co-hosting the event at Savile's Hall.
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Saturday 11 February 2012
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