News Release
Opening of the Cambridge office of the Bank of England Agency for the South-East and East Anglia
30 June 1999
During a visit to Cambridge, Mervyn King, Bank of England Deputy Governor, today opened the new Cambridge offices for the Bank's Agency for the South-East and East Anglia. The region comprises Buckinghamshire, Bedfordshire, Hertfordshire, Cambridgeshire, Norfolk, Suffolk, Essex and Kent.
The Bank of England currently has twelve regional agencies, covering the whole of the United Kingdom. Agents keep in close touch with local business people, labour leaders, and trade and regional associations and provide monthly advice on economic developments in their region to the Bank's Monetary Policy Committee (MPC) which sets interest rates. The Agents also play a very active link role between MPC members and business and other contacts in the regions, with MPC members making more than 40 regional visits last year.
Mr King attended a meeting with several of the Agency's local business contacts for a discussion on regional economic conditions. He was joined by Robin McConnachie, the Bank's Agent for the South-East and East Anglia, and Fiona Hoskins, Deputy Agent for Cambridge.
Mr King then opened the Agency offices at a reception for some thirty business leaders. Speaking at the opening Mr King said: "I am delighted to welcome so many of you to the new Cambridge premises of our Agency for the South-East and East Anglia. Siting a new office in Cambridge shows the importance we attach to regional representation, and demonstrates that the Bank works for the interests of the UK as a whole. Each month, three of the Bank's regional Agents briefs the MPC in person on the messages from their contacts. So by talking to Robin and Fiona, you are only one step away from talking to the MPC itself. Since introducing a formal presence in Cambridge, the Agency has increased the number of its contacts across the County to just under 100. Thus we are able to gauge directly the views of a significant number of business people in this dynamic and rapidly growing part of the country."
Notes for Editors
1. The reception will take place from 12.15 to approximately 2.00pm at the Bank of England office, 24 Newmarket Road. At 12.45pm Mr McConnachie will give an introduction and then Mr King will give the opening speech.
2.There will be an opportunity for photographs and filming between 2.15 and 3.00pm, when Mr King will be available for interviews.
3.The Agents overall have discussions with some 7000 businesses each year. Each month they carry out a survey based on specific questions proposed by the Monetary Policy Committee (MPC) which involves the Agents contacting about 120 or more companies. Three Agents in rotation make a presentation each month to the MPC of the results of the survey and also report their views and those of the other Agents on business conditions.
4.For many years the South-East and East Anglia Agency operated from London. Today's reception marks the formal opening of a second permanent office which has been set up in Cambridge to give greater regional coverage.
5. Robin McConnachie, Bank of England Agent for the South East and East Anglia, has been the Agent in the region since 1997. His career with the Bank includes time as a Senior Advisor in the Markets area and as Deputy Director of the Centre for Central Banking Studies. Prior to joining the Bank he was a senior civil servant and had been a Director of an investment bank
6.Fiona Hoskins, Deputy Agent (Cambridge) has been with the Bank for 25 years and Deputy Agent for the last two years. Prior to that she has worked in a variety of areas in the Bank, including Banking and Market Services, Monetary and Financial Statistics Division and Personnel.
7.Phil Eckersley, Deputy Agent, joined the Bank in 1987 after teaching economics for four years. He has worked for the Agency for the last five years, having spent time in the Monetary and Financial Statistics Division and the Finance and Resource Planning Division
For further information please contact:
Bank of England Press Office 0171 601 4411
