The Cutlers - The Company Today

The Cutlers\\' Feast, 2009

THE 373rd CUTLERS' FEAST

The Deputy Governor of The Bank of England, Mr Charles Bean, was the Company’s principal guest at the 373rd Cutlers’ Feast, which was held on Thursday 21 May 2009.  The event was attended by 280 people including Members, Freemen and Friends of the Company, leading industrial and local government figures, the Armed Forces as well as representatives from over 29 City of London Livery Companies and similar Companies from York, Bristol, Edinburgh and Zurich.

The mood and expectations of the Sheffield manufacturing region were expressed by the Senior Warden, Mr James Newman, in his speech. Given the economic conditions prevailing at the time he focussed upon the global aspects of the recession and its impact on the region; the need for G20 coordination; a complete restoration of confidence and control in the UK banking system, some aspects of which had clearly failed. He then set out a number of messages to those involved in lifting the UK out of the economic crisis, stressing that companies in the region needed economic assistance now. He urged all banks, the City and the Government that increased investment and the freeing up of cash in support of the core ethos of manufacturing was key to the future and a genuine and soundly based economic recovery. In conclusion he said that there was a real need to better regulate banks and the UK financial system before full confidence could return. The full text of the Senior Warden’s speech is available on the Company website.

In response Mr Bean acknowledged someof the issues raised by the Senior Warden, particularly the current lack of confidence and flow of cash from the banks, and gave an overview of the financial crisis which first broke in August 2007. He then gave some reassurance that the UK should begin to emerge from the recession at the end of 2009, albeit slowly. The Master thanked Mr Bean for what he had said about the current economic situation before welcoming the many guests attending. Particular mention was made to the Mistress Cutler and her 78 guests who, this year, were dining separately in the Hadfield Hall but watching and listening to the speeches by video link. Finally, The Queen's Remembrancer, Master Whitaker, responded amusingly on behalf of the Guests.