Blog: Meeting a very wise woman

Sitting in the bar of the Albrighton Hall Hotel, Kate Barker does not cut an imposing figure.

In a neat two-piece suit, the top female economist in Britain is happy to chat about the weather, not wanting to move on to the much more important matter of Britain's fiscal policy until the Bank of England's press officer appears by her side.

Why? Because what Kate Barker has to say in relation to the UK's beleaguered economy is so important it has the power to move the money markets, not just here but across the world.

In a rare 20 minute interview, exclusive to the Shropshire Star, the only female member of the Monetary Policy Committee explained she was in the county to talk to businesses in a series of behind-closed-doors meetings to gauge business confidence, hear trading concerns and companies' fears for their survival amid a recession.

But it was what Mrs Barker had to say in relation to the Bank's quantitative easing programme and interest rates which sparked interest from the national and international media.

The MPC is behind the decision to pump £200 billion of 'paper money' into the economy to shore it up during the crisis, including the latest £25 billion two weeks ago when rate-setters also kept interest rates at 0.5 per cent.

However, although we know Mrs Barker backed the increase in the QE, the minutes of the MPC meetings do not attribute specific views expressed in the meetings.

Which is why an interview like this one was so usual. And it's why the Shropshire Star's interview was picked up by newswires all over the world, featuring on the Forbes, RTT and NASDAQ websites and in the New York Times.

Saying goodbye, Mrs Barker's press officer asked my when my "little story" would be published? Perhaps she had expected a regional newspaper to stick to the county-based business issues.

But in a recession, when the human cost of the downturn has seen more than 1,000 jobs lost in this county, leaving families facing their own economic crises, surely it is only right that Mrs Barker is challenged on the wider issues of whether the decisions made by her committee are working and how long we can expect the downturn to continue?

The answers to those questions, of course, affect every single one of us. Whether we're watching the Dow Jones in New York, trading on the FTSE in London, in charge of a business in Shrewsbury or running a household in Telford.