The Banks' Agencies
The Bank has twelve Agencies across the United Kingdom. The primary role of the Bank’s Agents is to assess the economy as seen by the part of the country they cover. The Agencies are a vital link between business and the Bank.
The Agents have a wide range of business contacts whom they aim to visit about once a year. These visits and other links with business present the Bank with a window into the workings of the economy and allow contacts the opportunity to discuss business conditions and other matters of common interest or concern. They also give the Agents the opportunity to explain the Bank’s views on the economy. Individual discussions are treated as confidential within the Bank but insights obtained from these meetings are reported by the Agents to the Monetary Policy Committee , which takes decisions on the level of interest rates.
A summary of the information gathered by the Agencies is published in a monthly review entitled “Bank of England Agents’ Summary of Business Conditions” (see Related Links). These reports cover discussions which the Agents have had, on average, with around 700 businesses across the UK each month.
The Agencies also have well developed lines of communication with, among others, Business Links, Chambers of Commerce, the Confederation of British Industry, the Engineering Employers Federation, Enterprise Agencies, Regional Development Agencies, Trade Unions and Universities.
In addition to this work for the Monetary Policy Committee, the Agencies are also the Bank’s “eyes and ears” on a wide range of issues related to financial stability, the operation of the financial system and the ways in which finance is provided for business.
The Agencies also represent the Bank in their regions and give talks and presentations on the role of the Bank and current monetary policy issues.
