Leicester Economics students quiz Bank of England chief

Economics students from the University of Leicester had the lesson of a lifetime after being given the opportunity to quiz the man who guides the nation’s economic and monetary policy.

Governor of the Bank of England, Andrew Bailey, was on campus to deliver a public lecture on growth in the UK economy on Monday 24 March.

Before the lecture, which hit the national and international news headlines, Mr Bailey met with six members of the University’s Economics Society for a round-table discussion on national and global economics.

The students asked Mr Bailey for his thoughts on AI’s impact on the jobs market, the impact of USA trade tariffs, wealth inequalities and the damage global events, including the war in Ukraine, cause to the UK economy.

President of the Economics Society, Usama Mahgoub, said: “It was an honour to be able to ask the governor so many questions. He has a very difficult job to do, he has so much to contend with and it’s down to him to figure out what to do.”

The third year Economics student added: “It was particularly informative to hear his advice on what students like us should do to make sure we can adapt and thrive as AI becomes more advanced. We were all very grateful for this opportunity.”

The society’s vice president, Ennis Anthony Rafferty, who is a first year Economics and Data Analytics student, said: “It felt slightly surreal to be face-to-face with the Governor of the Bank of England, in such a relaxed setting. I’m used to seeing him when he’s delivering keynote speeches or addressing the press, so it was a great moment to be able to just take part in a natural discussion. I gained a real insight into how the Bank of England shapes policy and the decision-making behind the setting of interest rates.”

Following the meeting with the students, Mr Bailey delivered the third edition of the University’s annual Chancellor’s Distinguished Lecture Series.

During his lecture, he touched on his upbringing in Leicester, where he attended at Wyggeston Grammar School for Boys, on the site next door to the University, which is now occupied by Wyggeston and Queen Elizabeth I College (WQE).

The lecture, which is available on the Bank of England website, saw Mr Bailey explain how the adoption of AI technologies could help the UK’s economic growth and urge countries to co-operate amid the upheaval caused by Donald Trump’s tariff war.

Mr Bailey said: “Returning to the University of Leicester, right next to my old school, was a great experience which brought back a lot of memories. I was very impressed by the economics students – their sharp thinking and thoughtful discussions made for a truly engaging visit.”

Mr Bailey’s talk was preceded with an address by University Chancellor, Dame Maggie Aderin-Pocock, and WQE principal, Paul Wilson.

In January 2018, Mr Bailey received an honorary Doctor of Letters from the University of Leicester.