A leading economist has told nearly 200 businesses from across the Southern region that the British economy can expect some growth in 2013. However, the economy is unlikely to fully recover until 2017.
Mark Berrisford-Smith, Head of Economics for HSBC commercial banking, was the keynote speaker at an economic update seminar at the Ageas Bowl, Southampton, organised by HSBC and Rothmans, one of the region's largest accountancy firms.
As the outlook for the Eurozone improves, there is more cause for optimism than a year ago, Mr Berrisford-Smith said, with the next five years being a process of “slow healing” for the British economy.
His insightful talk included an overview of global economic conditions, such as the slowing down in growth of the BRIC economies (Brazil, Russia, India, China) and the fiscal debt ‘cliff’ in the US, and their implications for British business. The global economic conditions can give us confidence with the permanent rescue mechanisms that are now in place for the European economies, he said.
He reported that in the UK, the job market is growing and our economy is creating jobs. By encouraging businesses to grow, consumers will feel more confident about spending. He said that a consumer-led recovery is necessary as 60 percent of our GDP is based on consumer spending.
“The seminar was an opportunity to gain invaluable insight and market intelligence about the economy both here and internationally, and the prospects for the regional business community,” Rothmans Partner, Andrew Bennett, said.