Bank of England coming to North East for live public event

Prices are currently rising at an annual rate of 10.1% – significantly above the Bank of England’s 2% target and last month it took the decision to increase interest rates to 1.75% as part of an effort to ensure that inflation does not remain at such high levels for a long time.

The event at Durham County Cricket ground in Chester-le-Street on September 13 from 5.30-7.30pm will give people the opportunity to quiz Bank officials about its decisions.

Read more: We need stability, Shadow MPC business leaders tell Government

The Bank’s Deputy Governor Sam Woods will be in attendance alongside representatives from its Agency for the North East which monitors activity in the region’s economy.

The current high level of inflation is mainly due to high gas prices as a result of Russia’s invasion of Ukraine. These price rises have forced up household energy bills.

There are now signs that domestic pressures – notably in the labour market – could push prices up further and The Bank has forecast that inflation could rise to over 13% later this year.

Mauricio Armellini, the Bank’s Agent for the North East, said: “Interest rates have been very low in the UK for some time but since December last year we have been increasing them. We know many people will find this hard because it makes borrowing money more expensive.

Mauricio Armellini

“Increasing interest rates won’t tackle the causes of the very sharp price rises we’re seeing right now. But it will reduce the risk that the current high rate of inflation lasts for a long time.”

The Bank has been running its Citizens’ Forum programme across the UK since 2018 and this time the event will be chaired by Sarah Green, Chief Executive of the tourism and economic development partnership Newcastle Gateshead Initiative (NGI).

She said: “The cost of living squeeze is impacting people across our region. I would urge people to take this opportunity to share their experiences, and hear first-hand from the Bank about what is happening, and what they are doing about it.”

• Anyone aged over 16 is eligible to apply to attend which you can do via the Bank’s website at www.bankofengland.co.uk/get-involved/citizens-panels

Events are free, refreshments are provided and the Bank will cover travel expenses up to £25 per person.

Ask your question NOW

Do you have a question for the Bank of England about the cost of living crisis but can’t get to the event on September 13?

The Bank has agreed to answer questions from Northern Echo readers following the news that the rate of inflation has risen to 10.1%

Send your questions to Business Editor Mike Hughes at mike.hughes@newsquest.co.uk by no later than 5pm on Friday and we will make sure we carry the Bank’s responses.

Read next:

• Inflation hits 10.1% in July amid cost of living crisis
• Supermarket customers issued £60 price hike warning
• New foodbank and pantry sees long queues every day