An influential Bank of England panel that advises the Monetary Policy Committee in the City has appointed the chairman of Haverhill Chamber of Commerce to chair its deliberations in the years ahead.
The Bank of England in conjunction with the Suffolk Chamber of Commerce hold regular business panel meetings in order to keep the Bank informed about the state of the economy and have appointed Haverhill accountant Paul Donno as their chairman.
Mr Donno said: “The Bank of England uses this confidential source of information to help provide the Monetary Policy Committee with an up-to-date picture of what is happening in the real economy.
“I am delighted to be asked to lead the discussions which are a fundamental factor in current and future UK economic policy.”
The panels meet at the Suffolk Chamber three times a year and have done so since 1994.
“This influential chamber panel meeting has been in operation at Suffolk Chamber for over two decades.” said John Dugmore the chief executive of Suffolk Chamber of Commerce.
“It provides useful feedback where official data isn’t clear enough to guide the MPC on their decisions.
“The feedback it gives, from the experience of people like Paul, is therefore vital for the future economic success of UK plc.”
The Bank of England is also interested in feedback on financial matters such as access to funding, pricing and availability of finance.
It also wants to hear more general credit market conditions and feedback on supply-Chain finance.
Phil Eckersley, the Bank of England’s Agent for the South East welcomed the appointment of Paul Donno to the Chairmanship.
He said: “The work of businesses in supporting the Bank of England is an important mechanism and has been for over 20 years.
“The relationship we have had with Suffolk Chamber over that time has ensured that I and my colleagues can really drill down to the grass root issues that are affecting daily activity in businesses in Suffolk and so help us form opinion when looking at key economic decisions.”