The Bank has twelve 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. The Agencies also contribute to the Bank's financial stability activities by providing a regular narrative on credit conditions for firms.
As well as receiving information from the Bank's Agencies, members of the MPC and FPC make regular visits to different parts of the country. These regional visits provide Committee members with first-hand experience of developments in the economy, as well as offering an opportunity to explain their views and policy decisions.