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Somerset businesses turn out in force for Bank of England’s annual economic update

Around 60 business people attended this year’s Bank of England Update, held on 5 September at the Cooper Associates County Ground in Taunton.

Pictures by Kathryn Anne Photography

Organised by Somerset Chamber of Commerce, and held in association with the Institute of Directors and the Bank of England, the annual breakfast event is one of the most popular on the Chamber’s events calendar.

The Bank of England’s Deputy Agent for the South West, Geoff Harding, provided insight into the current economic situation and the Bank’s views on the prospects for the British economy over the next two to three years. He covered a range of topics including household consumption; consumer spending; employment rates; the effects of the depreciation in sterling; inflation rates; and consumer and business confidence.

In particular, he spoke about the role of the Bank’s Financial Policy Committee, the projections for growth and inflation; the yield curve, including market expectations of short term interest rates; and the Monetary Policy Committee’s main assumptions.

Following the event, Somerset Chamber Board Director Helen Lacey said, “The Bank of England Update was a really enjoyable morning, very informative and useful. We had a great turn-out with a number of new delegates joining us for the first time, and we’ve received some very positive feedback about the event overall.”

Chamber Patron Weston College sponsored the event and Dave Crew, Director of Business Growth, said, “Weston College were delighted to sponsor this high profile event in the Somerset business calendar. The Bank of England event continues to attract business leaders and provide a useful economic update, in particular the projections for economic growth and consumer confidence.”

Rob Cadwallader, Partner at Milsted Langdon, was one of the delegates at the event. He commented, “As popular as ever, it is always interesting to hear how the Bank of England is seeing things and to put some context around the challenges facing businesses here in Taunton and Somerset. We continue to live in interesting times.”

Somerset Chamber of Commerce is one of only five accredited Chambers in the South West and 52 in the whole of the UK. It works closely with the British Chambers of Commerce to make sure Somerset businesses stay well connected at both a local and national level, and that the voices of the Somerset business community are heard at all levels of government.

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