Inflation rate will drop steadily, Bank chief tells ABCC patrons
The economic outlook and the role played by the Bank of England were key points of discussion at the Asian Business Chamber of Commerce patrons ' dinner at Malmaison, writes Feron Jayawardene.
ABCC co-presidents Amina Hussain and Omar Rashid welcomed the guests while the keynote address was given by Graeme Chaplin from the Bank of England.
Graeme Chaplin
Graeme said: “The core role of the Bank of England is to maintain monetary and financial stability while looking at the financial eco system.
“We are expecting the inflation rate to come down rapidly. The European inflation was driven by the energy costs while the inflation in the US was driven by the service sector. However, in the UK, we saw inflation caused by food, energy, and in consumer prices.
“The economy will be stagnant for the next two years. We are not expecting any growth. The driving force of this stagnation is the tight labour market and the lack of labour supply. ”
Speeches were also given by Nasir Awan, vice-president of Greater Birmingham Chambers of Commerce, and Emma Morgan, general manager of Malmaison, who also sponsored the event.
Nasir stressed the importance of the Kings awards for enterprise and encouraged members to apply while Emma spoke about the Malmaison hotel.
Speaking after the dinner, Graeme said: “It was great to hear from a wide range of business leaders at the dinner. The Bank places significant weight on the information it gains directly from the business community. Events such as this are vital in ensuring that our information gathering is as broad based as possible. ”
Anjum Khan, director of the ABCC said: “It was a great night of networking among patrons and guests. We hold two patrons' dinner every year. It 's our way of thanking our Patrons for their ongoing support along with key business individuals."
If anyone is interested in finding out more about Patronage with the ABCC, please contact Anjum on [email protected]
Pictured from left to right: General manager of Malmaison Emma Morgan, ABCC co-president Amina Hussain, GBCC vice president Nasir Awan, ABCC co-presidnet Omar Rashid, and director of ABCC Anjum Khan