Date posted: 4th Feb 2025
Experts from different sectors in and around York took part in the Yorkshire Shadow MPC.
The Shadow MPC is a partnership between Clive Owen LLP and The York Press, which considers the region’s economy and invites business figures to argue their case for a shift, or hold, in the rate.
The members voted as a majority to cut interest rates, in order to stimulate investment and growth amongst SMEs, which have had to weather a series of economic storms over recent times.
Partner, Carl Wright discussed his decision and key challenges and opportunities that clients are facing, including:
- Despite strong domestic sales across the end of 2024, business confidence in the region remains low, with a sense of nervousness and uncertainty now seemingly commonplace.
- Increase in NIC having an impact on businesses of all sizes, it is more costly than ever to run a business.
- Increase in minimum wage is still causing ripple effects for employers.
- Business tax rises starting to come into fruition.
Carl discussed his decision, commenting on the need to incentivise the business community and encourage financial growth.
We would like to thank, Gary Smith, Steve Lowe, Kerry Hope, Beckie Hart and Dave Broadbent for being part of this conversation and to Recognition PR for facilitating.
You can watch the full discussion below, or if you would like to find out more, speak to a member of our team here.
