Posted on 28 September 2016
In an event organised by Smith Cooper accountants and business advisors on Tuesday 27th September held in Artisan Café Bar, Ashbourne, Bank of England agent Pamela Wright joined 12 of Ashbourne’s leading businesses to discuss conditions in the local area.
Pamela was keen to understand their views on the current economic business conditions in the UK and the regional-specific outlook in Ashbourne. The findings are to be fed back directly to the Monetary Policy Committee, who are in charge of setting interest rates, and the Financial Policy Committee.
During the event, Pamela gave an insight into the most recent changes, including the effects of the Brexit vote on the UK economy, the changes to the interest rate, increased quantitative easing and the introduction of a term funding scheme for banks.
The attendees then shared their opinions on the trends and issues they are seeing within specific sectors including construction, manufacturing, retail and farming as well as any barriers to accessing funding and the property market.
Despite the economic uncertainty in the lead up to the Government invoking Article 50, the business owners present in the discussion seemed optimistic.
Bruce Montgomery, Partner of Smith Cooper Ashbourne commented: “It is refreshing to see such optimism in the room, despite all the current uncertainty. Our clients are prepared and willing to diversify, innovate and adapt, all of which is necessary to ensure their businesses and the local economy continue to thrive.”
“The Bank of England were keen to understand views on the current economic conditions and, as a firm with deep roots here in Ashbourne, we were pleased to gather some of the area’s leading businesses to share their opinions.”
“We are thankful to both Pamela and our clients who attended the event and provided some extremely useful insight into the pressures, challenges and opportunities they are facing locally, nationally and even internationally.”