News - 28 August 2013

East Midlands a bellwether for UK economy, says Governor of the Bank of England


Governor of the Bank of England Mark Carney addresses the audience at the East Midlands Conference Centre today. Picture: Bank of England

The new Governor of the Bank of England Mark Carney today told a packed East Midlands Conference Centre that the region was a bellwether for the UK’s economy. 

Carney said it was no coincidence he was in Nottingham to give his first on-the-record public speech since taking over his role at the start of July. 

The event, which was facilitated by DNCC in partnership with the Bank of England, CBI East Midlands and the Institute of Directors, took place over lunch. 

D2N2 Local Enterprise Partnership Chairman Peter Richardson gave a short welcome at the exclusive special event, stating the Bank of England had a vital role to play in underpinning consumer and business confidence, something that was happening following Carney’s first announcement that interest rates would not rise until unemployment fell below 7%. 

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D2N2 LEP Chairman Peter Richardson (right), talks to Governor of the Bank of England Mark Carney during dinner 

And following dinner in front of 450 delegates, Governor Carney said: “This is a good bellwether for the UK’s economy. With leaders in retail, manufacturing, engineering, logistics, information services, biosciences and education, Nottingham and the East Midlands are integral to the success of the UK economy. 

“The businesses here will make good on the promise of recovery in our economy. So I’m pleased to have the opportunity to listen to business people in the region. In my years in central banking, I have found that there is no substitute for hearing directly from those who deliver economic growth.

“What I hear from businesses here and elsewhere is that a renewed recovery is taking hold amid a rising tide of optimism. The signs are that this recovery is broad based and set to continue. This is welcome and should be encouraged.” 

And he also brought Nottingham star Jake Bugg into his speech, when he added: “There is certainly scope for the economy to grow through an increase in output per hour worked rather than new job creation. Productivity growth has been anaemic and – remarkably – the UK is no more productive than it was back in 2005 – before Jake Bugg got his first guitar. 

“The critical questions are how much and how quickly productivity improves.”

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