UK Economic Outlook with Bank of England

What an outstanding branch event – a fantastic speaker in a grand historic building, need I say more? Well, I’m going to have to, so please dear reader, read on……

Sheffield & District Branch hosted guest speaker Paul Mount from the Bank of England in the Reception Room of the Grade II* Listed Cutlers Hall in Sheffield. Built in 1832 by the Company of Cutlers of Hallamshire, on the site of the original hall from 1638, Cutlers Hall is one of the finest livery halls on the North of England. Members and guests ascended the grand staircase and admired the stunning cutlery and silverwork displays on route to the registration desk to sign in before networking with other credit professionals over refreshments and relaxing after a busy day. 

Branch Chair, Jamie Thornton, opened the meeting and welcomed everyone before handing over to Paul Mount of Bank of England. Paul introduced himself advising that he joined the Bank of England in 2019 as Deputy Agent for Yorkshire and the Humber and that he represents the Bank in our region and engages with businesses and public sector leaders to understand the environment they face and to explain the policy stance and work of the Bank. With the assistance of Jamie Thornton (“next slide please Jamie”), Paul took us through his presentation on the Economic Outlook. He first clarified that the Bank’s mission is to promote the good of the people of the UK by maintaining monetary and financial stability. Paul talked about how the interest rate is used to influence inflation and the Bank’s process for setting the interest rate, which it last did just a few days prior. We looked at the graph of the bank rate and inflation from 2001 to date (with the last inflation spike resembling Mount Everest!) and then just the CPI since 2001, both actual and short-term projection. So, what’s next for the base rate? Paul shared with us some notes from the latest MPC Minutes and also some commentary on risks from that meeting, both upside and downside. Paul finished with a look at the potential effects of US tariffs on the UK – watch this space!

At the end of his presentation, Paul took questions from the floor, and it did resemble an episode of BBC’s Question Time, just minus the long-arm microphones. Many questions were asked of Paul covering all topics from the time lags between a change in the base rate and that feeding through to banking products to concerns about our local Steel Industry. Certainly, the most amusing question asked to Paul was done in private by the youngest member of the audience and that was “Why doesn’t the bank just print more money”!

With all questions addressed, Paul handed the meeting back to Jamie who thanked Paul for his time and presentation. Jamie announced that we would be moving on to the formal AGM meeting, so non-members were given time for further networking before taking their leave.

Jamie opened the AGM and dealt with the formalities of apologies, approval of the 2024 AGM Minutes, approval of the 2024 Branch Financial Report, nominations and elections of Committee members for 2025 and then a review of the 2024 branch events. As the winner of the third CICM Sheffield & District Branch Student Prize had been unable to attend on the evening, it was noted that the presentation to Rebecca Ross would take place later that week. Many congratulations to Rebecca for coming top in her CICM Level 3 Diploma Mandatory Unit in 2024.

Many thanks to Paul Mount of Bank of England, Andrew Walker of Sharp Consultancy and all attending members and guests for making the evening a great success.