Bank of England drops in to hear Black Country business concerns

The session for Gold, Platinum Group and Patron Group Chamber members at Molineux Stadium in Wolverhampton allowed companies to speak directly with Graeme Chaplin, Bank of England Agent for the West Midlands and Oxfordshire, on the opportunities and challenges facing the region.

As well as receiving an update from the UK’s central bank on the outlook on interest rates, inflation forecasts and economic trends, members heard how the Bank was monitoring the response among businesses to the first Budget by Chancellor Rachel Reeves since Labour won power in July.

The Chamber holds regular Bank of England meetings to allow members to receive key information and give regional reports. The session enabled members to be briefed by the Bank on the latest real-time intelligence collected by its network of agents from businesses up and down the country.

Firms from a range of sectors including recruitment, manufacturing, financial services and training updated Mr Chaplin on their performance and the outlook within the local economy.

Member representatives provided first-hand accounts of how the Budget had impacted their outlooks for wage growth, opportunities for young people, training and profitability.

Black Country Chamber of Commerce CEO Sarah Moorhouse said: “We are grateful to Graeme for being open to discussing the burning issues among our members and for providing such a detailed update on the economic outlook.

“Members shared their concerns about the challenges around investment and growth following the Budget.

“The Black Country has a proud heritage of resilience so we know they will do everything possible to bring future success but being able to update the Bank ensures decision makers understand better what is going in our region through an event which the Chamber uniquely offers.”

The regular Bank of England sessions are one of several ways the Chamber updates decision makers on the local economy. The Bank also receives the results of the Quarterly Economic Survey, which has opened for Quarter 4.

Sarah said: “The feedback gained through the survey is used on a local and national level to influence and shape policy and strategies to better support and represent the region's business needs.

“This quarter, we want to know how businesses are navigating AI and cybersecurity to protect their data while staying at the forefront of advancing technology.”

The Black Country Chamber of Commerce’s next Bank of England Panel event will take place in March.