One Car, Two Car, Red Car, Blue Car Speech given by Andrew G Haldane, Chief Economist, Bank of England  Materials Processing Institute, Redcar 2 December 2016  The views are not necessarily those of the Bank of England or the Monetary Policy Committee. I would like to thank Mauricio Armellini, Sandra Batten, David Bradnum, Ben Broadbent, Angelina Carvalho, Fergus Cumming, Jeremy Franklin, Alex Haberis, Andrew Hebden, Gabor Pinter, Alice Pugh, Tom Smith, Gertjan Vlieghe, Matt Waldron and Chris Yeates for comments and contributions. The title draws its inspiration from “One Fish, Two Fish, Red Fish, Blue Fish” by Dr Seuss, a children’s book first published in 1960, whose use of simple language contains an important lesson for economists like me. 1  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  As someone whose family hails from the North-East, and who themselves was born in the North-East, it is wonderful to be here in Redcar. Regional visits like this are crucial for the Bank of England. They enable us to take the temperature of the local economy by speaking to a broad cross-section of businesses, charities, social enterprises, schools, further and higher education institutions and trade unions. Here in the North-East, it is clear the temperature of the local economy is not as high as either you or I would wish. Despite having come down rapidly over recent years, the unemployment rate, at over 6%, is still higher than for any other region in the UK.
Finally, let me also take this opportunity to urge the other commercial banks operating in Zambia to emulate Stanbic Bank Zambia by establishing community banking branches. As your regulator and supervisor, we take a lot of pride in seeing commercial banks coming up with innovative and progressive financial services, such as community banking. I believe that it is through the provision of such tailor-made banking services that banks would meaningfully fulfil their role as financial intermediaries in our economy. With these few remarks, Ladies and Gentlemen, it is now my honour and privilege to declare the Stanbic Bank Matero Branch officially open. I thank you. 2  BIS Review 13/2005