Member Article

Bank of England?s big interest for Third Sector

More than a hundred representatives from third sector organisations across the North East gathered in Newcastle last week to hear from the Bank of England about the current economic downturn, so they can judge how it may affect their organisations.

The event was organised by Newcastle-based enterprise and economic development agency PNE Group, in partnership with the Northern Rock Foundation. The Foundation’s involvement meant that the event was free for all delegates, and two sessions were put on during the day to meet the huge demand for places.

The keynote address was given by David Buffham, North East Agent for the Bank of England, who highlighted the absence of any recent precedent for the economic upheaval seen this year, and stressed the substantial uncertainty around the timing of any potential recovery.

Fiona Ellis, Director of the Northern Rock Foundation, said that the impact of the economic downturn on third sector organisations varied markedly depending on the size, financial position and nature of activity of the organisation. She pointed to historical evidence that individual donors who give regularly tend to remain committed to an organisation, even in difficult economic times, so her advice to the sector was to cultivate such donors.

Dawn Cranswick, Development Director at PNE Group, said: “I attended a Bank of England Economic Review in November, and was surprised by the lack of people attending from the third sector. It was such a useful session, and I felt that it was vitally important for people working in the sector to have the opportunity to receive this insight into how the current and future economic climate may affect their organisations.

“The Bank of England were delighted to accept PNE’s invitation to present their Economic Review to this audience, and the response from the sector was so overwhelming, that we had to run two sessions to cope with the overwhelming demand for places.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .