Economist predicts Yorkshire’s economic future
YORKSHIRE’S recovery appears to be lagging behind the rest of the UK and remains vulnerable to any sharp cuts in public spending.
However, exporting businesses could still benefit from a weaker exchange rate.
That’s what Tom Vosa, chief economist of Yorkshire Bank, will tell attendees of a British American Business Council (BABC) seminar this Thursday at DLA Piper’s Leeds office as part of a regional economic briefing.
Mr Vosa said: “Although the worst of the downturn appears to be behind us, we are certainly not out of the woods yet and there are still some tough decisions to be made.
“While a cursory measure of the output gap suggests that there is plenty of spare capacity in the economy, it is clear that ‘socially useless’ financial engineering is unlikely to return in its former shape.”
He added: “This leaves the recovery trend deeply uncertain as households struggle to repay record debt burdens, banks restore their balance sheets and the Government its fiscal position.”
Mr Vosa said the briefing would examine the outlook for the Yorkshire economy in the short term while looking at the likely policy options available to the Government, Banks and regulators as the country moves out of recession.
Aaron Mowla, chair of the BABC, said: “Information is power when it comes to tackling the recession and maximising opportunities as we enter recovery.
“Tom Vosa is a leader in his field who assists a global banking group make decisions about their business based on his economic intelligence, so this is a fantastic opportunity for regional businesses to benefit from his insights.”
The briefing will take place between 11.30 and 2pm and anyone is free to attend. Places can be reserved by emailing info@babcyorkshire.org or calling 0845 45 999 24.
