West Midlands businesses were given an update on developments influencing the UK and regional economies at an event hosted by Yorkshire Bank.
Tom Vosa, Chief Economist for the Bank, gave an overview of market conditions during an event at Yorkshire Bank’s Business and Private Banking Centre in Temple Row, Birmingham.
He said: “The straightened financial position of the UK continues and Government borrowing has continually been higher than expected. Although the Government has recently announced new measures to get the economy moving, it could take time for the full effects to be felt.
“Growth for the remainder of the year is likely to remain quite modest, and while a rise in bank lending should provide a boost to the regional economy, any national movements will largely depend on global events, especially the unfolding position in the Eurozone.”
Brian Colquhoun, Regional Director for Yorkshire Bank in the Midlands, said Tom’s talk was well received by local businesses.
Brian said: “Tom provided an excellent overview of the economic picture for the year ahead. We’re pleased our clients and partners from across the West Midlands could join us to take advantage of Tom’s insights.”