The world of business networking is drawing to a close for 2017.For many it’s the time of year where you begin to reflect and celebrate your professional successes and achievements from the past twelve months.
Tees Valley Business Club’s November event at the Marquee at Wynyard Hall was the perfect opportunity to share successes, promote business and network with members. This month’s guest speaker was Mauricio Armellini from the Bank of England. He spoke about the UK’s economy as a whole as well as some North East and Teesside specific details; very on topic with the 2017 Budget released the day before.
Presentation From Mauricio Armellini, Bank of England
After some lovely food and a quick introduction from Business Club chair, Jane Reynolds, it was on to the presentation from Mauricio Armellini.
Whilst much of his talk was full of detailed economic terms, he highlighted some interesting facts. After the pretty gloomy, economic outlook in the recent Budget, he explained why productivity has stalled. One of the main reasons is because productivity normally increases as unemployment decreases. As unemployment is at a low of 4.3% in the UK and a record low of 5.5% in the North East, productivity is saturated and unemployment is unlikely to get significantly lower.
Low productivity as well as an increase in inflation, which in September hit a 5-year high of 3%, has led and will continue to lead to rises in interest rates. The Bank of England expects interest rates to be at 1% by 2020. They also expect inflation to peak at 3.2% in the near future before falling back down towards the target of 2%.
The rise in interest rates doesn’t seem like something to worry too much about for mortgage owners. Including non-mortgage debt and deposits, a 0.25% increase, if passed in full, increases net interest payments by £4 per household on average.
In North East terms, the area contributed almost 9% to the overall UK increase in employment. That’s three times the relative size of the region’s economy! The Tees Valley unemployment rate has even just dropped slightly below the North East region’s rate in June 2017.
I was surprised how little Brexit was talked about but it seems clear that the Bank of England don’t want to partake in any kind of speculation and aren’t all that clear on what kind of Brexit will occur. This isn’t surprising when the government doesn’t seem clear on what strategy to pursue – we’ll have to wait and see!
Stand Holder Talks
As the business club’s November event is a celebration of success, the first 30 returned invitees are offered a stand with a 1 minute presentation. It was great to hear so many success stories from a multitude of businesses throughout the Tees Valley region. We also got a chance to introduce The Social Gene, The Northern Niche and #ThisNorthernGirlCan and mum’s role as the newly appointed, Tees Valley ambassador for Northern Power Women
We were last up to talk and absolutely thrilled to announce too, that Tees Valley Business Club are now part of the The Social Gene’s portfolio. We can’t wait to work with the board and help them achieve their digital objectives for the club .We’d like to thank them for the opportunity.
The business club is a great place for networking in the region; one of the best we’ve been to! Check out their website here.
We’ve blogged about previous Tees Valley Business Club events including ‘Learning About Cybercrime‘ at Crathorne Hall and ‘One Year On For Bedford Street Businesses & Orange Pip Market‘ at Acklam Hall.
You can also check out our business section here.