19 January 2010

Leeds Metropolitan University in conjunction with the Yorkshire Bank hosted an overview of the prospects for the economy on Tuesday 19 January 2010 at the Rose Bowl.

Our guest speaker Tom Vosa spoke about current developments influencing the UK and regional economy. At a time of economic uncertainty and with the country′s finances under the spotlight, this was an opportunity to learn more about the challenges ahead and the economic prospects facing us.

Tom is the Head of Market Economics for Yorkshire Bank and the wider Australia Bank Group. He joined National Australia Bank in 2001 from the Bank of England. His role involves keeping the bank abreast of relevant economic and financial market developments and to have extensive interaction with clients.

Tom covered many elements throughout his presentation saying that:

”The worst is behind us, but any sudden increase in growth is due to the stock cycle and other time limited policy measures. It seems too early to call a firm recovery trend just yet“.

It was also stated that government borrowing is set to increase by £703bn over the next 5 years. Fiscal consolidation will have to accelerate after the General Election if the UK is to escape a sovereign downgrade and spending cuts will be even larger than the Budget forecasts suggest.

Looking at interest rates it was also said that ”from all perspectives it is hard to believe that interest rates will not be increasing in the months ahead“.

The presentation was well received by a mixed audience of over 140 people drawn from the region′s business and professional community and sparked a stimulating Q&A session.

A business card draw was held after the lecture. John Donner of The Wakefield Shirt Group of Companies and Andy Robinson of Universal AV Services Limited will both receive a pair of rugby tickets for the Super League game between Leeds Rhinos and Salford City Reds on 19 February.

Now an annual fixture in the business calendar, the lecture signals the close and developing links between Leeds Met and the business community.

Tom Vosa′s presentation is available here.