Businesses update Bank of England on Black Country economy at Chamber event
15 Aug 2024
Published in: Black Country Chamber of Commerce News
Businesses had the opportunity to share with the Bank of England their updates on the performance of the Black Country economy during a Chamber of Commerce event.
The online session for Gold, Platinum Group and Patron Group Chamber members took place on Tuesday and included an update from the UK’s central bank on the outlook for interest rates, forecasts for inflation and expected economic trends over the next three years.
The Chamber holds regular Bank of England meetings to allow members to receive key information and give regional reports on the issues faced by Black Country firms.
Firms from a range of sectors including manufacturing, financial and professional services briefed Graeme Chaplin, Bank of England Agent for the West Midlands and Oxfordshire, on their performance and the outlook within the local economy.
Member representatives reported on the skills shortage locally and the impact on growth for businesses who have experienced difficulties in taking on staff in key areas such as engineering. The firms also updated the Bank on the impact of inflation on wage bills and costs for materials.
Companies gave positive updates on order increases and high levels of sales growth. Others reported strong responses in recruitment for key roles while colleagues from not for profit organisations said they had seen staff migrate to their sector after reassessing work priorities during the pandemic.
Graeme Chaplin said: “I have got lots of positive information from the session. It has been really helpful and is very much appreciated for the Bank to get your reports on what you are seeing.”
The session enabled members to be briefed by the Bank on the national outlook and the latest real-time intelligence collected by its network of agents from businesses up and down the country.
The Bank briefing covered the fall in inflation from eight per cent in 2023 to two per cent in May, with forecasts suggesting interest rates will reduce over the next three years.
The Chamber members were told pay growth had eased following the cost of living crisis but remained higher than before the Covid pandemic.
Speaking after the event, Black Country Chamber of Commerce CEO Sarah Moorhouse said: “It was great to provide the Bank of England with so many insights from the members on the call so we are grateful to Graeme for being open and generous with his time.
“The Bank of England panel meetings ensure that not only are Chamber members kept up to date with the economic outlook at a national level, but decisionmakers hear what is going on in the Black Country from businesses who get their voices heard.
“Our members can ensure the Bank understands better what is going in our region while also celebrating the successes we are seeing here, through an event which the Chamber can offer uniquely as the leading regional business support agency.”
The Black Country Chamber of Commerce’s next Bank of England Panel event will take place on Tuesday 19 November from 8.30am to 10am.
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