The Bank of England is bringing its public engagement programme to Durham, giving residents of the North East the opportunity to speak directly to the officials who set the interest rates that affect their mortgages, their savings and their cost of living.
The event, which is part of a series of regional visits by members of the Monetary Policy Committee, is designed to ensure that the Bank's understanding of the economy is informed by the experience of people in all parts of the United Kingdom, not just London and the South East. Previous events in the series have been held in Yorkshire, the West Midlands, Wales and Scotland.
The Durham event will follow the format of the earlier visits: an open forum at which members of the public can ask questions and share their experiences, followed by meetings with local businesses, community organisations and public sector leaders. The Bank's regional agents for the North East, who maintain a network of contacts across the region's economy, will provide briefing on local economic conditions.
The MPC member attending the event said the visits were among the most valuable parts of the committee's work. "The data tells us what has happened," he said. "But these conversations tell us what is happening — the texture of the economy, the mood of households and businesses, the things that statistics cannot capture. That understanding is essential to good decision-making."
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