Staffordshire businesses received a critical economic briefing yesterday from renowned economists Vicky Pryce and Mark Gregory, just one week before the general election.
Addressing a full house at Staffordshire Chambers’ Big Business Breakfast, Vicky gave an update on the economy and outlined what businesses can expect to see during the crunch time of the election campaign.
Vicky, who is the Chief Economic Adviser at the Centre for Economics and Business Research, said: “The economy has recovered a considerable amount during the first quarter of 2024, but grew by only 0.1% in 2023, lagging behind some of the levels that we saw pre-pandemic.
“We do however seem to be improving, growth seems to be picking up, but I think businesses want some economic stability.
“Retail sales, although volatile, recovered in May, and CPI is back to target. Even manufacturing PMI is showing signs of finally recovering in May and June.
“Overall consumer confidence is also improving to its highest level since November 2021.”
Vicky also emphasised the importance of economic stability amidst ongoing global uncertainties as the country prepares to go to the ballots. She also unpacked which policies might encourage Staffordshire’s businesses to invest, including the creation of an industrial strategy, a sensible and fair tax system, as well as wider support for smaller firms.
Mark Gregory, Visiting Professor of Business Economics at Staffordshire University, followed Vicky on stage to help to localise the national economic picture for Staffordshire businesses, and assessed how broader trends could impact the local business landscape.
The trio of speakers was completed with IronMarket Wealth CEO Wes Wilkes, who highlighted how digital and AI developments are likely to impact future investments and growth for Staffordshire businesses.
The event concluded with a dynamic panel discussion featuring all three speakers, as well as business experts Hannah Ault, Valentine Clays MD, and Jeff Nash, CEO of D&B Projects.
Rachel Laver, CEO of Staffordshire Chambers, said: “Our panel’s expertise and insights provided local businesses with a clear understanding of the economic path ahead.
“Our Big Business Breakfast series, launched by the Timpson Group’s CEO, James Timpson OBE in March, has quickly become a pivotal event for local business leaders.
“Yesterday’s gathering was particularly timely, given the impending general election, and offered a platform for discussing critical economic policies. I would like to thank all of our brilliant speakers for joining us and delivering such brilliant insights.”
Attendees also reviewed findings from the latest Quarterly Economic Survey, gaining a comprehensive view of current economic conditions and business sentiment in Staffordshire.
The latest QES received a record response rate following a call to action in Daily Focus.
View the results of the QES, here.
