We were delighted to host our first Nigel Wright Group Business Leader Seminar at the iconic Manchester Hall. Bringing together over 60 senior business leaders from across the North West, the morning was filled with lively conversation, meaningful networking, and thought-provoking insight.
The highlight of the event was a keynote address from Ken Clark of the Bank of England, who provided an expert overview of current macroeconomic trends. His address was followed by an engaging Q&A session, which sparked thoughtful dialogue among attendees.
Key Economic Insights
The resulting discussion painted a nuanced picture of the UK and global economic outlook, drawing attention to some of the challenges and opportunities facing business leaders today:
- Decision-making paralysis is a current theme, fuelled by global trade uncertainty. This is expected to suppress both UK and global economic growth over the next 12 months.
- The labour market is loosening, with a closer balance now between vacancies and jobseekers. This new equilibrium may reduce upward pressure on wages.
- Interest rates are expected to fall, though the pace and depth of change will be carefully managed by the Monetary Policy Committee without a fixed path.
- Both businesses and consumers remain cautious, having been hit hard by inflation. This has had a dampening effect on investment and spending.
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Reasons for Optimism
Despite these challenges, there are several reasons to be optimistic about the road ahead: - UK households are saving more – currently around 11% of wage income, compared to 5% pre-pandemic. This stored-up spending power could help reignite growth, once confidence returns.
- Today’s business leaders have demonstrated remarkable resilience, navigating what some of them feel has been a “wartime-equivalent” of economic shocks. This adaptability will be a powerful asset in the future.
- Planned government infrastructure investments are set to inject momentum into the economy, creating further opportunities for growth.
Join Our Leadership Network
This event marks the beginning of a series of thought leadership and networking seminars designed to bring together senior decision-makers from across the region. If you’d like to be part of our Leadership Insight Series, or want to hear more about future events, we’d love to hear from you.
Contact us today to register your interest and be part of a growing network of forward-thinking leaders in the North of England.
Gary Darlington
Associate Director
E: gary.darlington@nigelwright.com
T: +44 161 515 3490
M: +44 7501 224771
Manchester Office
Telephone: +44 (0)161 552 5027
Email: marketingdept@nigelwright.com
Address: The Lincoln, Lincoln Square, Brazennose Street, Manchester, M2 5AD