Mervyn King, Governor of the Bank of England, yesterday addressed 260 Hertfordshire business people at a lunch hosted by the Hertfordshire Chamber of Commerce and Industry. The Governor gave a comprehensive appraisal of the challenges facing the global economy and their impact on business in the United Kingdom and followed up with an extensive question and answer session.
Chamber Chief Executive, Tim Hutchings, said,” This was a wonderful opportunity for Hertfordshire businesses to hear from one of the key figures charged with sorting out the problems we face and I must say he rose to the challenge. The people present were universally impressed by his erudition and left confident that he had a clear grasp of the situation”.
The businesses present expressed a variety of concerns including how banks were either withdrawing or restricting support and the value of the pound and its impact on the cost of imports. They were keen to see that in the future regulatory bodies had sufficient powers to ensure that financial institutions did not overstretch themselves again.
Mr Hutchings said, ”I don’t think anyone can reasonably predict how long it will take to put the economy back on track and, for the time being at least, it is more important to find solutions than to apportion blame. The Governor’s speech was exceptionally well received. By delivering a frank appraisal of what had happened, and the thinking behind the steps that were being taken to restore equilibrium, Mervyn King very much impressed the audience and gave comfort that the search for solutions was in good hands.”