Lancaster business leaders help shape national economic policy at Bank of England roundtable

Lancaster & Morecambe Chamber of Commerce, in partnership with the Bank of England, welcomed business leaders from across the district for an exclusive economic roundtable last week.

The event brought together a select group of Chamber Ambassadors, Board Members and business representatives to discuss the challenges and opportunities facing businesses across Lancaster and Morecambe and the wider UK economy.

Facilitated by Ken Clark from the Bank of England, the session provided a valuable opportunity for businesses to share first-hand experiences and insights on key issues including interest rates, inflation, CPI, recruitment challenges and business confidence.

A particular focus of the discussion was the outlook for the UK economy over the coming years, including the opportunities and challenges businesses may face in 2027.

Discussions explored the potential impact of rising energy and oil prices, the possibility of increasing inflationary pressures and what these factors could mean for growth, investment and consumer confidence.

The views and experiences shared during the roundtable will contribute to a report presented directly to the Bank of England's Monetary Policy Committee (MPC). The feedback provided by businesses helps policymakers gain a real-world understanding of economic conditions across the country and forms part of the evidence considered when making decisions on monetary policy, including interest rates.

Graham White, Chief Executive of Lancaster & Morecambe Chamber of Commerce, said: "One of the most important roles of the Chamber is to ensure that the voice of local business is heard. This roundtable gave our members a genuine opportunity to influence national economic thinking by sharing their experiences directly with the Bank of England."

"The discussions were honest, insightful and reflected both the challenges and opportunities facing our business community.

‘’While concerns remain around inflation, recruitment and the wider economic outlook, it was incredibly encouraging to hear the confidence many businesses have in the future of our district."

"We have so much to look forward to across our area. Major projects such as Eden Project Morecambe and the Brewery Lane regeneration in Lancaster will bring investment, jobs and visitors to our area, creating opportunities for businesses of all sizes.

‘’While there are undoubtedly challenges ahead, there are also many reasons for optimism, and it was fantastic to hear how many of our businesses are continuing to innovate, invest and thrive.

‘’The Chamber would like to thank the Bank of England, Rathbones Investment Management and all attendees for contributing to a productive and insightful discussion that will help ensure the voice of businesses across Lancaster and Morecambe is represented in national economic decision-making."

Ken Clark, Agent for the North West, Bank of England, said: "The Bank of England relies on conversations with businesses and communities across the country to understand how economic conditions are affecting organisations on the ground. These discussions provide valuable intelligence that helps inform our understanding of the economy and contributes to the information considered by the Monetary Policy Committee."

"The insights shared by businesses in Lancaster and Morecambe were extremely valuable. It was encouraging to hear both the challenges businesses are managing today and the confidence many have in the opportunities that lie ahead for the region."

Stephen Blakemore, Investment Manager at Rathbones Investment Management, said: "As sponsors of this event, we were delighted to support a discussion that brought together business leaders from across Lancaster and Morecambe to share their experiences and perspectives.

‘’Understanding the challenges and opportunities facing businesses at a local level is vital, not only for policymakers but also for investors and advisers supporting businesses and individuals through changing economic conditions. It was particularly encouraging to hear the confidence many businesses have in the future of the district despite the economic challenges that remain."

The discussion highlighted the many successful businesses already thriving across Lancaster and Morecambe and the significant opportunities that lie ahead for the local economy.

Following the success of the roundtable, the Bank of England will return to Lancaster & Morecambe Chamber on Wednesday, November 25, to deliver an Autumn Economic Briefing for Chamber members, providing valuable insight into the UK's economic outlook and the factors influencing monetary policy.