Businesses from across the West Midlands have received a detailed briefing on the issues affecting the UK economy ahead of the Chancellor’s Autumn Statement at an event hosted by Yorkshire Bank.
West Midlands companies joining the nationwide teleconference were provided with expert analysis of how the UK economy was performing against expectations by Tom Vosa, chief economist at Yorkshire Bank.
Speaking ahead of the Autumn Statement, Tom Vosa said: “Government borrowing has managed to remain on track but only just as the UK economy continues to zigzag its way to recovery.
“Regardless of the situation of global companies operating in Britain, Corporation Tax receipts were down by £2.7billion in Q3 on the same period last year and the Treasury has already signalled this is going to be a priority area in the coming year.
“With the Office for Budget Responsibility having to sign-off on any policy changes to ensure deficit budget reductions we will not see any new measures introduced in this fiscal year.
“We may also see more information on the reduction of red tape for business but, broadly speaking, giveaways are likely to be small and current trends suggest austerity measures could continue into 2017-18.”
More than ten companies from across the region joined Brian Colquhoun, regional director for the Midlands, at Yorkshire Bank’s Business and Private Banking Centre in Birmingham to hear Tom Vosa’s advice. Brian said the teleconference presented West Midlands businesses with a great opportunity to hear from a respected global economist.
Brian said: “This event gave customers an invaluable insight into the general shape of the economy ahead of the Autumn Statement, and the challenges facing both the UK and wider economy. While many businesses are still dealing with difficult conditions it is clear that progress is being made with several sectors already enjoying periods of growth.”
The teleconference was part of a nationwide series of events being hosted by Yorkshire Bank to give business customers the chance to network and hear from some of the UK’s leading economists and professionals.
The event supports the recently launched “Growing Business” package of measures which provide new and additional support for businesses looking to start up, expand or switch their banking arrangements. This range of initiatives underlines the Banks’ commitment to help UK businesses grow under the Funding for Lending scheme.
