Steering the UK economy through global turbulence
The first of the new WBS Guest Lecture series took place on Tuesday 25 October at WBS, and featured Professor Andrew Sentance, who has just completed his 5-year term on the Bank of England Monetary Policy Committee. Steering the UK economy through global turbulence was the title of his lecture.
Andrew served as a member of the MPC from 2006 to 2011 and experienced first-hand the pressures on economic policy-makers as they grappled with the global financial crisis. As the economy moved into the recovery phase, he took a strong stand on the need to raise interest rates to counter inflationary pressures, challenging the views of the majority on the Committee led by the Governor, Mervyn King.
In this special lecture, Andrew reflected on his experience as a policy-maker in such turbulent times. He highlighted the key lessons which economic policy-makers should draw from the experience of the financial crisis, and how these related to the challenges which the UK economy now faces - uncomfortably high inflation, slow growth, a large public sector deficit and an uncertain global environment.
Not surprisingly, the event was fully booked, but for those who could not be present at WBS, it was possible to view the lecture online as it happened, via wbsLive.
Just before the lecture, Dean of WBS Professor Mark Taylor interviewed Andrew about his lecture; this interview can be viewed on YouTube here.