Business leaders share regional insight with Bank of England deputy governor

Business leaders from Greater Birmingham met with Clare Lombardelli, deputy governor for Monetary Policy at the Bank of England to share their latest experiences of trading conditions and the economic outlook ahead of the upcoming budget.

The roundtable was hosted by Jason Wouhra, CEO of Lioncroft Wholesale.

Raj Kandola, deputy CEO of Greater Birmingham Chambers of Commerce, chaired the event which brought together representatives from a range of sectors, including manufacturing, hospitality, wholesale and retail, recruitment, professional services and finance.

The discussion provided a high-level snapshot of the pressures and opportunities facing firms across the region.

Businesses reflected on rising costs, changing demand, recruitment and skills challenges, access to finance and uncertainty around future investment.

Participants also considered the growing role of technology and automation, as well as the importance of international trade and new markets to future growth.

While experiences varied between sectors, the discussion underlined the resilience of the region’s business community and the difficult choices many firms are making as they respond to a challenging and unpredictable operating environment.

Graeme Chaplin, the Bank of England’s Agent in the West Midlands, said: “These events are invaluable in providing up-to-the-minute intelligence on trading conditions from businesses in the region. 

“Such information is important in our assessment of the outlook for the UK economy.”