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Resilience: three lessons from the financial crisis - speech by Dave Ramsden

Published

30th May 2019

In this speech Dave Ramsden talks about resilience. He argues that the financial crisis taught us three lessons: first, that the past is not always a good guide to the future; second, that there is more to resilience than just being responsive to the narrow economic cycle; and third, that policy needs to prepare for the unexpected. And he argues that the Bank’s approach to Brexit has been guided by all three of these lessons.

Bank of England, Agency for Scotland

The Bank of England is the central bank of the United Kingdom. Sometimes known as the “Old Lady” of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and in 1997 gained operational independence to set monetary policy.

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Platinum Partners

Baker Hughes Energy Technology UK Limited

Michelin Scotland Innovation Parc (MSIP)

Abertay University

A modern university with a long history and a clear sense of our distinctive mission, highly regarded for our academic performance in areas with genuine relevance and impact on society and the economy, and with a community of talented students and academics who make us the success we are.

Al-Maktoum College of Higher Education

On every level, the College is a place where potential and ability is valued over background or ethnicity. It is an establishment where further and higher education is available and welcome to all.

Baker Hughes Energy Technology UK Limited

Baker Hughes, a GE company (NYSE:BHGE) is the world’s first and only fullstream provider of integrated oilfield products, services and digital solutions. Drawing on a storied heritage of invention, BHGE harnesses the passion and experience of its people to enhance productivity across the oil and gas value chain. BHGE helps its customers acquire, transport and refine hydrocarbons more efficiently, productively and safely, with a smaller environmental footprint and at lower cost per barrel. Backed by the digital industrial strength of GE, the company deploys minds, machines and the cloud to break down silos and reduce waste and risk, applying breakthroughs from other industries to advance its own.

Balhousie Care Group

Balhousie Care homes provide residents with a happy, friendly, safe and caring environment coupled with an exceedingly high level of accommodation.

D.C. Thomson & Co. Ltd.

DC Thomson & Co Ltd is a private company and is one of the leading media organisations in the United Kingdom. The company publishes newspapers, magazines, comics and books. More recently, DC Thomson has expanded into the internet and digital developments including a major focus on genealogy.

Dover Fueling Solutions UK LTD

Fuel dispenser manufacturer, exporting to most EU countries. Manufactured 70k plus dispensers of varying specification across Europe.

Dundee City Council

Dundee draws skilled workers from a 60-minute catchment population of 640,000 and has a local population of over 140,000. The availability of a large pool of highly skilled labour is a key feature in the Dundee economy. Flexibility in the labour force is currently more prevalent in Dundee than in Scotland as a whole. All forms of labour market flexibility - part-time, temporary employment, self-employment and shift work - are widely operational within the city. Labour force stability in the city is excellent, enabling companies to plan with confidence. Labour turnover levels are less than 5% and absenteeism averages 2%.

Dundee & Angus College

Dundee and Angus College is moving away from traditional thinking and focussing much more on careers not courses. It wants the people of the Dundee and Angus region to be better informed and prepared for the career options available to them, no matter what stage they are at.

MTC Media Ltd

Formed in 1999, mtc offers a complete rounded web development service. They provide the expertise and know-how to deliver web solutions to clients across a wide range of sectors. From branding, website development, eCommerce, content management systems and intranets, to search engine optimisation and email marketing.

University of Dundee

Nobel Prize winning poet and honorary graduate Seamus Heaney has described the University of Dundee as ‘having its head in the clouds and its feet firmly on the ground.’ The ability to be both aspirational and down-to earth and to blend ground-breaking intellectual achievement with practical applications, has given the University its distinctive character.

Hillcrest Homes

Hillcrest Housing Association was established in 1967 and is one of Scotland’s largest Housing Associations. They provide housing and support in Dundee, Edinburgh, Angus, Perthshire and Fife, with over 5500 good quality, well maintained homes at affordable rents. In each area of operation there are local offices with housing advice teams who can provide an immediate response to the customers.

Condies Accountants & Advisors

Jack of all trades...Master of them too.
Whether you're starting off, established or looking for an exit we have all the services you could ever need. Get in touch to find out how we can help you feel more in control of your finances and spend more time doing what you love.

Castle Water

Castle Water is the leading independent water retailer in the UK. We supply hundreds of thousands of businesses, charities, and public bodies throughout England and Scotland. We provide water retail services to all types and sizes of organisation. We have expertise of working in hard to reach areas, ranging from dispersed rural sites to high density urban environments nationally.

SSEN Transmission

We are SSEN Transmission, the trading name for Scottish Hydro Electric Transmission.

We are responsible for the electricity transmission network in the north of Scotland, maintaining and investing in the high voltage 132kV, 220kV, 275kV and 400kV electricity transmission network.

Our network consists of underground and subsea cables, overhead lines on wooden poles or steel towers, and electricity substations. It extends over a quarter of the UK’s land mass, crossing some of its most challenging terrain.

Our first priority is to provide a safe and reliable supply of electricity to our communities. We do this by taking the electricity from generators and transporting it at high voltages over long distances through our transmission network for onwards distribution to homes and businesses in villages, towns and cities.

Our operating area is home to vast renewable energy resources and this is being harnessed by wind, hydro and marine generation. Working closely with National Grid, the GB transmission System Operator, we also enable these electricity generators to connect to the transmission system by providing their connections and allowing the electricity generated by them to be transported to areas of demand across the country.

Scotland’s transmission network has a strategic role to play in supporting delivery of the UK and Scotland’s Net Zero targets. We’re already a mass exporter of renewable energy, with around two thirds of power generated in our network area exported to demand centres further south. By 2050, the north of Scotland is expected to need 40GW of low carbon energy capacity to support net zero delivery. For context, we currently have over 9GW of renewable generation connected in the north of Scotland.

As a natural monopoly, we are closely regulated by the GB energy regulator, Ofgem, who determines how much revenue we are allowed to earn for constructing, maintaining and renovating our transmission network in the north of Scotland. These costs are shared between all those using the transmission system, including generation developers and electricity consumers.

Following a minority stake sale which completed in November 2022, we are now owned 75% by SSE plc and 25% by Ontario Teachers’ Pension Plan Board.

As a stakeholder-led business, SSEN Transmission is committed to inclusive stakeholder engagement, and we conduct this at an ‘Advanced’ level as assessed by AccountAbility, the international consulting and standards firm.

Michelin Scotland Innovation Parc (MSIP)

Michelin Scotland Innovation Parc (MSIP) is an ambitious joint venture between Michelin, Dundee City Council, and Scottish Enterprise, created to generate economic growth in Scotland and support a fair and just transition to a net zero economy.

With a 32-hectare site and excellent physical connectivity, we offer dynamic space for all sizes of businesses to locate. As well as large, flexible space, our tenants will have access to an innovation campus, a Skills Academy, business, innovation and skills support, and competitive, green energy delivered from sustainable sources.

We are committed to working in partnership with industry, academia, government and the local community to transform Dundee into a key location for innovation that will progress emerging technology for a greener future.