Business confidence is fragile and consumers are being squeezed by high inflation, says Dr Andrew Sentance, former member of the Monetary Policy Committee.

In a statement ahead of the Business of the Economy event taking place in Leeds next week, Dr Sentance said: “With the public sector reining in borrowing, the private sector needs to be the key engine of growth in the UK and other major economies. Business confidence is fragile and consumers are being squeezed by high inflation. Short term growth prospects are weak. With the right policies, I believe we can create the conditions for a sustainable recovery in the UK economy after the traumas of the financial crisis.”

Dr Sentance is one of four leading economic experts and business leaders who will debate how the UK can respond to the continuing global financial turbulence at The Business of the Economy event on 18th October. He will start the debate and give a talk on how he views the international market conditions.

Marketing Leeds, the organisation behind the event, has also confirmed Dennis Tuner, Chief Economist at HSBC as the final member of the panel.  Andy Raynor, Chief Executive, RSM Tenon PLC and Chris Cummings, Chief Executive, City UK will also form part of the panel whilst Gary Lumby MBE, Director of Small Businesses at Yorkshire and Clydesdale Bank will chair the debate.

The event, supported by DLA Piper, Financial Leeds and RSM Tenon, is the fifth in a series of thought-leadership events in Leeds. Deborah Green, Chief Executive of Marketing Leeds says:

“Dr Sentance’s views will no doubt provoke an interesting debate about the issues facing the UK economy and we are looking forward to further challenging discussions at the event. Dr Sentance is a well respected economist and I am delighted that he and other national figures have agreed to join the panel for the debate, the scale of which is not usually seen outside of London.

“Yorkshire is known for its positive approach and for the resilience of its innovative businesses. The Business of the Economy provides a real opportunity for Leeds to demonstrate nationally and internationally that it is a dynamic and competitive city and one that is leading the way in responding to current economic challenges.”

The debate, Ms Green adds, will provide “an opportunity for businesses in Leeds to showcase how they are gaining and retaining trade and to outline their own views. The fact that we will be joined by the CEO of City UK, whose responsibility it is to market the country’s financial services industry internationally, will ensure that our position as they key legal and financial services centre outside London is reinforced in the mind of this, newly formed, national body.”

The Business of the Economy will be a rare and early opportunity to hear from Dr Sentance, a recently departed member of the Monetary Policy Committee, the body responsible for setting interest rates in the UK to meet the Government’s inflation target. He was famously dubbed ‘the hawk’ for voting for higher interest rates in his last year on the Committee. 

Leeds is the UK’s largest centre for financial and professional services outside London, with more than 30 national and international banks located in the city. This new debate focuses on the strength of the city’s sector within the Leeds City Region. 

To register for the event, visit www.thebusinessof.co.uk/register.

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