News release
The Bank of England is to hear from local people in Birmingham about the impact of the cost of living on their finances, as part of our Citizens’ Forum Programme which has been running across the UK since 2018.
The event is designed to gather information from local people, which will complement existing data and analysis, and help inform the Bank’s policy decisions.
Over recent years, the Bank has raised interest rates to slow down price rises, and inflation has now fallen to currently stand at 1.7% (as at November 2024) but is expected to increase to around 2½% by the end of this year. At the meeting of 7 November, the Monetary Policy Committee (MPC) felt it was appropriate to reduce Bank Rate to 4.75%).
Inflation is now just below the 2% target, and the MPC needs to make sure it stays close to that target sustainably, (by ensuring it doesn’t cut interest rates too quickly or by too much). But if the economy evolves as expected, it's likely that interest rates will continue to fall gradually from here.
The event in Birmingham on Tuesday 10 December (5.30pm-8.00pm) will give attendees the opportunity to share their views with Bank officials, including Nathanaël (Nat) Benjamin, Executive Director for Financial Stability Strategy and Risk and a member of the Bank’s Financial Policy Committee (FPC). The FPC identifies and monitors risks that threaten the resilience of the UK financial system. He will be joined by staff from the Bank’s Agency for the West Midlands.
Graeme Chaplin, the Bank’s Agent for the West Midlands said: “As the Governor has previously highlighted, there is great value for the Bank of England in hearing from local communities. It helps us understand the impact interest rates are having on people's lives and what inflationary pressures we need to guard against.
We welcome views and questions from people in Birmingham about the cost of living or the actions the Bank is taking to keep inflation low and stable."
The event will be chaired by Bridget Blow, non-executive director of English Netball and former Deputy Chair of Coventry Building Society.
Anyone aged over 18 is eligible to apply to attend which you can do via the Bank’s website before Wednesday 27 November when registration closes.
Refreshments will be provided and the Bank will make a payment of £25 to all attendees to cover expenses.