Bank of England Governor Andrew Bailey has praised the North East’s “positivity” and “impressive innovation,” saying the region is playing an increasingly important role in shaping Britain’s economic future.

During his visit to the region on Wednesday (October 8), Mr Bailey toured a number of businesses across County Durham and the wider North East, describing them as forward-looking and ambitious despite the uncertain global climate.

Mr Bailey visited Darlington’s Economic Campus, Beamish Museum, and Komatsu in Birtley, among other pit stops.

Governor of the Bank of England, Andrew Bailey(Image: BANK OF ENGLAND)

At Beamish, Mr Bailey delivered a presentation on the outlook for the UK economy to an audience of representatives of businesses and other organisations from across the North East.

Mr Bailey met Beamish’s CEO Rhiannon Hiles and Chair Chris Loughran during a tour of the award-winning museum, and heard more about its regional and national contribution to the economy, tourism and culture.

“It does actually [impress me]. I mean it really does,” he said.

The Darlington Economic Campus(Image: Stuart Boulton)

“Both factories I’ve been around have been really interesting because they’ve both been pretty heavy on robots, for instance, in terms of technology that they’re developing.

“I think the places and the people I’ve talked to are very positive — and that’s really encouraging.”

Mr Bailey said he relished visiting factories and businesses, calling them vital to understanding how different parts of the country are adapting to technological and economic change.

“I love going around factories,” he admitted.

The governor of the Bank of England has praised the North East(Image: BANK OF ENGLAND)

“You just don’t know what you’re going to see — you learn loads of things.”

The Governor highlighted the North East’s adaptability and resilience, particularly as new industries and technologies reshape traditional manufacturing and services.

He said the region was well-positioned to benefit from the next wave of innovation, including artificial intelligence and automation.

AI loaded on a laptop(Image: PA MEDIA)

“I’m encouraged because I think we want the North East to prosper — we all do,” he said.

“There has been a difficult period, but I’m much more encouraged now because we have this ability to be more flexible, and therefore we should take advantage of that and make sure the North East benefits from it.”

Mr Bailey also praised the growing confidence of regional economies such as Darlington, Newcastle and Leeds, saying the balance of power in the UK was slowly shifting away from London and the South East.

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“I really do think now that we are seeing a turnaround in people’s attitudes towards where they’re based,” he said.

“For a long time, people said we should break the dominance of London and the South East — and I do think it’s actually happening.”

He added that the North East’s mix of “innovation, skilled workers and optimism” made it one of the most exciting regions in the country to visit.