UK central bank Governor meets Aberdeen leaders

Mr Bailey met with members of the Institute of Directors (IoD) and the Africulture Network alongside leading academics and administrators at an event hosted at Robert Gordon University.

The event followed the Bank of England’s recent decision to hold interest rates at 5.25% last week after 14 rate rises since December 2021. Through its levers over control of interest rates, the Bank seeks to meet its long-standing target of keeping inflation at 2%.

The Bank has predicted inflation driving up the cost of living in the UK is set to continue falling from recent highs. Those attending were seeking reassurance on this and business leaders were keen to discuss how the outlook for conditions to invest and grow will improve.

Mr Bailey addressed a series of questions from the audience on his views on key drivers of the UK economy and how the Bank of England’s monetary policy tools help it meet its purpose of supporting the public good.

Sarah Downs, Chair of the Institute of Directors (IoD) Aberdeen and Grampian branch: “The UK economy has been facing some unprecedented pressures in recent months and years which creates a challenging environment for business growth. Bringing together leaders from business, academia and monetary policy is a great opportunity to focus on what matters and influence positive change. We are pleased Andrew came to speak with us in an event specifically designed to provide the Bank of England with some real insight into the issues facing people and the fortunes of the north-east of Scotland.”

Professor Steve Olivier, Principal and Vice-Chancellor of Robert Gordon University, said: "It was a pleasure to welcome Andrew Bailey, Governor of the Bank of England, to our University this week where delegates enjoyed key insights into the economic issues that face businesses here in the North East. RGU is committed to driving economic growth in the region and hosting events like these provides the opportunity of bringing together a range of influential stakeholders who can share invaluable expertise".

Mavis Anagboso, Chair of the Africulture Network, said, "It is great to see the Bank of England's commitment to listening to and connecting with the community it serves. The Africulture Network is delighted to welcome the Governor of the Bank of England to Aberdeen, a city unique in its demographic makeup that is young, highly skilled, ethnically diverse and internationally mobile".

Mr Bailey added: “Meeting and speaking to businesses and the wider community is central to the Bank of England’s work. Through the Bank’s Agency in Scotland, led by Will Dowson, we do get a good picture on local plans for jobs, investment and exports, as well as what people think about the broader economic outlook. It was a pleasure to meet representatives of Robert Gordon University, the Institute of Directors and the Africulture Network to build on these discussions.”