Members of the Essex Chamber of Commerce recently had an insight into the work of the Bank of England when Christopher Bailey, the Bank's agent for the South East and East Anglia was welcomed as the guest speaker at the Essex Chamber's Christmas lunch.

The event was staged at the Waterfront Place restaurant in Chelmsford. One of the Essex Economic Partnership's key roles is to represent the views of businesses in Essex to local, regional and national government and other national institutions and it was very encouraging to hear from an organisation that communicates directly with Essex businesses, to provide a vital link between them and the Bank.

One of twelve Bank of England agents, Christopher Bailey's job is to assess the economic conditions in the region.

Using his wide range of business contacts he visits businesses in his area and then advises the Bank on the potential impact of interest and inflation rates.

He is also the Bank's link to information on a wide range of issues relating to financial stability, the operation of the financial system and the ways in which finance is provided for business.

It is very important that organisations like the Bank of England are aware of the opportunities and threats that are faced by business in Essex.

Each region throughout the country experiences and encounters different problems in business and has specific concerns that need to be addressed.

With agents operating throughout the country, the Bank of England is able to keep open good lines of communication with local businesses and has links with local organisations that can provide first hand feedback about business conditions in local areas.

The EEP works to ensure that the voice of Essex business is being heard and communicates with national, regional and local organisations.

It is very encouraging to see other organisations being proactive and making direct contact with businesses on issues that may impact on their growth potential.

By

Terry Conder

Terry Conder is chief executive of the Essex Economic Partnership.

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