Bank of England chief economist to address Hove Business Association

The chief economist of the Bank of England is to speak to an audience of Hove businessmen and women.

Spencer Dale, who is also a member of the bank’s Monetary Policy Committee, which sets Britain’s official interest rate, will also answer questions at a business lunch.

The event has been organised by the Hove Business Association and will take place at the Sussex County Cricket Ground in Eaton Road, Hove.

The association said: “He will be joined by Chris Piper, the agent for Central Southern England, and Andrew Holder, the deputy agent for Central Southern England.

“Spencer will be making some ‘off the record’ remarks on the outlook for the UK economy, as well as offering insights into monetary policy during lunch, which will then be followed by an opportunity to ask questions and offer feedback.

Spencer Dale

“This is a unique opportunity to listen to, and then ask questions of, a member of the Bank of England’s Monetary Policy Committee, and get a better insight into the bank’s views.

“There has never been a more important time to discuss the future of the UK economy with one of its most important policymakers.”

The association said: “One of the Bank of England’s two core purposes is monetary stability.

“Monetary stability means stable prices – low inflation – and confidence in the currency.

“Stable prices are defined by the government’s inflation target which the bank seeks to meet through the decisions taken by the Monetary Policy Committee.

“To inform the MPC’s judgments and decisions on monetary policy, the bank has 12 agencies based around the UK.

“Their primary role is to assess economic conditions affecting businesses in their area.

“Each month the agencies hold a series of discussions with individual businesses, organisations and groups to assess business conditions.

“The agencies are the bank’s ‘eyes and ears’, providing information about trends and developments across the economy.

“Each agency provides a monthly assessment to the MPC about business conditions, helping the MPC form a view on the likely path of the economy and inflation.

“Agents are also required to brief the MPC each month orally ahead of each interest rate meeting on the feedback they receive from business.

“As well as receiving information from the bank’s agencies, members of the MPC make regular visits to different parts of the country.

“These regional visits provide MPC members with first-hand experience of developments in the economy, as well as offering an opportunity to explain their views and interest rate decisions.”

The lunch is from noon to 2.30pm on Friday 27 September in the Boundary Rooms at the County Ground and costs £35.

To book, click here.