Economic Outlook for 2018 & Beyond
On the 27th June 2018 IoD Hertfordshire (which incorporates Bedfordshire) met at the beautiful and gloriously historic Luton Hoo Hotel where we were treated to a very informative and entertaining presentation on the UK’s Economic Outlook and also served a sit down breakfast.
For this sell out event we met in the Library Room of the main Mansion House, where Queen Elizabeth II and Prince Philip spent part of their honeymoon in 1947. The event started with networking and then after breakfast the presentations began with Alex Golledge, Deputy Agent for the South East & East Anglia. His presentation was based around the May Inflation Report and the Bank’s view of the UK economy.
He began by quoting Mervyn King in 2009 ‘Don’t get used to low interest rates!’ However the Bank of England have kept interest rates at 0.5%. He went on to say that the world economy is growing robustly, with global trade picking up and inflation is falling back to their 2% target. He went on to discuss what policy makers are thinking about at the moment and how the uncertainty in the political arena will determine future Bank of England policy.
Next to speak was the IoD's Senior Economist, Tej Parikh. He gave an overview of the current state of the UK economy and its impact on business and economic confidence. He then went on to talk about business expectations and the costs for businesses being stubbornly high, caused by the weak sterling, business rates and cost of wages. He also spoke about our regional economic confidence and how the East of England has one of the highest rates of confidence in the country due to having 46% increase in tech start-ups, the high amount of research facilities in the East of England and our number of class universities.
Thanks go to our sponsors for this event: