Is the UK Economy Stalling?
At our flagship Economic Breakfast on Wednesday 2nd October we were joined by British Chambers of Commerce’s Economist Suren Thiru. We also had two of our lovely Chambers Business Award regional winners with us: Gnaw Chocolate who won Export Business of the Year, and Indigo Swan who scooped the Workplace Wellbeing award. They were presented with their awards by Chris Sargisson, Norfolk Chambers CEO, who praised the excellent work that both companies do.
Suren gave a very honest view of the state of the UK Economy including factors affecting businesses, the UK’s place in the global economy, and how the East of England is faring in comparison to other regions. He outlined a number of factors affecting businesses and the wider economy such exchange rates, employment costs, and late payments. He also acknowledged that uncertainty in the wider economy has a real impact, including Brexit, the global economic slowdown, and the possibility of a forthcoming general election.
It wasn’t all doom and gloom though as he highlighted the fact that the UK is not alone, across the globe economies are slowing down. There was good news for the East specifically as we are in the top 4 of regions in the UK for productivity. Overall it was a very frank assessment of the current climate and provided delegates with some good food for thought on what they can do to strengthen their business positions.
We also heard from Richard Bailey from Steeles Law, who sponsored the morning, on their year of aspiration, growth and celebrations as Steeles Law turns 50! Delegates also heard about the excellent work that the featured charity, OPEN, do supporting the local youth community.