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Mr Chairman, Ladies and Gentlemen,
Surrounded by the magnificent architecture of St George’s Hall, we are reminded of the benefits and the costs of exposure to the world economy. Built at the peak of Liverpool’s mercantile fortunes, the Hall, and the other magnificent buildings of the cultural quarter, exhibit the prosperity derived from openness to trade. Indeed, tonight is the anniversary of a grand banquet held here on 18th October 1860 to celebrate the opening of the public library and museum building that stands opposite. Its construction had been financed by the guest of honour at the banquet that evening, William Brown, whose statue stands in the Hall today. Brown had profited from transatlantic trade both as a merchant and by establishing a bank which financed trade – at the time a risky business. In those days, finance and trade supported each other, and the city prospered. But the subsequent history of St George’s Hall, which fell into neglect in the last century, illustrates Liverpool’s vulnerability to changes in the rest of the world.
The British economy too has enjoyed the benefits of globalisation. Now we are seeing some of the costs, as they play out in a global financial crisis. As a country, we are trying to rebalance our economy at a time when a global slowdown, and concerns about the solvency of European banks and sovereigns, threaten recovery here in the United Kingdom.
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