A Bank of England Citizens’ Panel has been held in Leeds to explore the cost of living crisis with students.
The Bank of England panel event was organised in partnership with Leeds Trinity University to better understand how students are impacted by the current cost of living situation and the Bank’s policy actions, along with the support measures put in place by the University during this period.
The event was attended by Leeds Trinity students, staff and Governors, and featured presentations, discussion panels and a Q&A to explore how the increase in the cost of living has affected students in their everyday lives, and what the future of money means to them personally.
Leeds Trinity introduced its ‘helping you with the cost’ support package in October 2022, investing more than £500,000 to help as many students as possible throughout the academic year. Since its introduction, a rent freeze has also been applied to on-campus accommodation for the next academic year.
The Bank of England has hosted Citizens’ Panels across the UK since 2018. They provide a platform for engagement with the public and help the Bank to understand how major events, such as COVID-19 and the cost of living crisis, affect people financially, and how they think the future will unfold.
The human stories complement and inform the Bank of England’s economic analysis, intelligence gathering by the Agents, and the policymaking process. Citizens’ Panels also give members of the public a chance to learn more about how the Bank maintains monetary policy and financial stability in the UK.
Tanveer Hussain, Head of Risk, PRA at the Bank of England, introduced the Citizens’ Panel in Leeds at the University, highlighting the importance of outreach and listening to people of all backgrounds from across the UK. He was joined by other Bank of England staff to facilitate the event, including Louise Johnston (Senior Policy Manager, UK Footprint Project) and Andrew Hebden (Head of Outreach and Education).
Professor Catherine O’Connor, Pro Vice-Chancellor for Education and Experience at Leeds Trinity University, who attended the session, said: “We were delighted to welcome the Bank of England to campus for an insightful discussion with our students on the cost of living. This was a powerful opportunity for students to share their views on the challenges and discuss some of the support measures in place at Leeds Trinity as part of our ‘helping you with the cost’ package introduced last year. The session also gave students an insight into policymaking and future career paths, which is always hugely beneficial. I’d like to thank everyone involved at the Bank of England and Leeds Trinity University for making this a really thought-provoking event.”
Louise Johnston, Senior Policy Manager, UK Footprint Project at the Bank of England, commented: “It was great to come along and host the Citizens’ Panel at Leeds Trinity. The students were really engaged and it made for some interesting conversations. I’m glad that the Bank of England gets the opportunity to run these events and get us out of London. That’s especially important given our commitment to expand our staff presence outside London and the South East, particularly in Leeds.”
Leeds Trinity University’s ‘Helping you with the cost’ support package provides access to basic food and hygiene essentials, as well as support for everyday necessities including travel and laundry costs.
More information about student support at Leeds Trinity can be found on the website.