Businesses urged to tap into Government Strategy
Finance bosses at TheBusinessDesk.com’s Finance Futures Executive Summit were urged to keep calm and carry on amid global turbulence and embrace opportunities on the horizon.
This was the message from keynote speaker, Andrew McPhillips, chief economist at the Northern Powerhouse Partnership, who advised businesses to build resilience and agility so they can easily adapt to market change.
He said: “For those businesses that are exposed to US trade, for example, it is important to plan for what may or may not happen. Start thinking about other possible import and export partners. That will take time, but let’s start thinking about it now.
“However, it is important not to overreact. Financial markets tend to react in extreme ways to individual pieces of data. We’ve just got to be brave enough to sit there and wait and see how these things play out.”
McPhillips advised attendees to engage with policymakers and tap into opportunities on the Government’s agenda.
“We are finally going to get some indication on the Government’s priorities over the next four years. There are ambitious plans for infrastructure and industry, therefore I’d advise you all to engage at the right level including the mayors.”
McPhillips’ speech was followed by a panel discussion on economic growth featuring Mandy Ridyard, FD of Produmax, Mark Goldstone, policy manager – UK Competitiveness at the CBI, John Newton, group FD of Volkswagen UK and Scott Everett, FD of T&R Theakston.
Despite uncertainty and tough trading conditions, the panel remained upbeat about the future, calling on the Government to provide a clear policy on transport and infrastructure, and send a positive message out to consumers.
Newton said: “The biggest thing the Government can do is be positive. Household savings rates are currently at 10%, so there is money around.
“Consumers have cash, but they are not spending because of the uncertainty. The Government needs to set out policies whatever they are in a positive way and build momentum. We haven’t had any momentum for five years, that’s what we are missing.”
Everett agreed: “What society looks at is headlines and sound bites and Trump is the master of these. But you can change the mood in a country very quickly. It is just that positivity. People are so much better informed in terms of what inflation and interest rate rises mean for them, and hence they hand on to their money because they’re not quite sure. So, it really is that positive news we’re looking for. That impacts our customers and makes us successful.”
While positivity was high on the wish list, Goldstone led the call for clearer long-term plans from the Government.
He said: “At present people are holding off investment decisions but I think beyond Spring we might start seeing things pick up a bit. There are fiscal challenges but at the same there is a weight of money in the private sector ready to invest. We just need a clearer view and clarity from Government.
“In terms of its Planning and Infrastructure Bill, I want to see what that looks like in the real world in terms of building. Again, with the Industrial Strategy, we need to know what the Government wants to achieve in terms of supporting growth.”
Ridyard, who also serves as a business adviser to West Yorkshire, Mayor Tracy Brabin, said to achieve growth in the Yorkshire region, cheap transport is paramount.
She said: “We need reliable trams, trains and buses to help get young people to college and get talent to our businesses.
“We also need to address the inactivity of the workforce. There are around 100,000 people in the region that are not at work due to ill health. There’s a lot of work going on around unlocking that inactivity which will help contribute to solving the skills shortages our business face
“In terms of national and regional Government policy, it is important that businesses use their voice, and it is listened to.”
TheBusinessDesk.com’s Rainmakers Conference returns next month, and there is still time to book your places and join more than 350 business owners, corporate finance professionals and advisers.
It will bring more opportunities to network, more amazing speakers, more candid debate, more inspiring entrepreneurs, but also a chance to discuss the challenges of value creation.
Our speakers include Applied Nutrition chief executive Thomas Ryder, Kids Planet chief executive Clare Roberts, Airswift Group founder Ian Langley, Contollo chief executive Ruth Percival and many more.
The conference is at The Point, Manchester, on Wednesday, 26 March. To see the full speaker line-up and to book your tickets, visit www.rainmakersconference.co.uk.
