solent 250


This year’s Solent 250 listing launched at private dinner


Around 50 delegates attended the Solent 250 private dinner at Lainston House Hotel, situated on the outskirts of Winchester, to network, share stories, and listen to the views of two industry experts


The dinner, sponsored by HSBC, KMPG, and Irwin Mitchell, celebrated the publication of the Solent 250 listing. The companies on the list, ranked by sales, generated a combined turnover of over £13.5 billion in 2016, and included household names such as Lush Cosmetics, Stannah Lifts, and Fat Face.


David Murray, managing director of The Business Magazine, opened the evening by drawing attention to the key political events that are likely to shape 2017. From March 29, the date upon which Theresa May has informed the European council she intends to trigger article 50, through to the ramifications from Trump’s confrontational presidency, and onto the European general elections, Murray highlighted a host of concerns on the horizon. However, he also stressed that businesses had always managed to adapt to past uncertainties, and was confident that they would continue to do so for the future.


Following starters, the first speaker of the evening, Mark Berrisford- Smith, head of economics, HSBC UK Commercial Banking, addressed some of the political concerns raised earlier by Murray, and provided his thoughts on the shape of the Brexit negotiations to come.


From left: David Murray, Hannah Clipston (Irwin Mitchell), Mark Berrisford-Smith, Gemma Wild (HSBC), Spencer McCarthy, Will Smith (KPMG)


Berrisford-Smith opened his talk with reference to the Battle of Towton, the bloodiest battle in the UK’s history, which took place on March 29, 1461 during the Wars of the Roses; “let’s hope that’s not an auspicious date”.


A few salutory economic facts and predictions:


•


Inflation is rising rapidly and expected to top 3.5% by year- end, which will give rise to negative wage growth


• The $:£ exchange rate is set to fall further to $1.10 by end- 2017 (note: $1.20 end-2016) as sterling continues to trade like an emerging economy


currency, overshadowed by Brexit and its balance of payments deficit.


• The surge in consumer spending in evidence since the June 2016 Brexit announcement, is now running out of steam, and will coincide with a slowdown in corporate investment intentions.


• We need to determine whether we want a hard Brexit, or a Brexit which is just hard…”


There is no underestimating the importance of the EU to the UK as a trading partner – it accounts for roughly 60% of the UK’s trade – 45% direct, and 15% via third party agreements – hence Berrisford- Smith stressed that it is vital that “all EU laws still work the day after we leave”, something which the UK Government will need to prioritise when negotiating with the EU Commission over Brexit (note: not with the EU governments themselves).


“The country voted to leave…but it didn’t vote how.”


What the UK does not want is to exit the EU with no deal in place. This would be “problematic, to say the least”, leaving the UK trading on


20 businessmag.co.uk THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – MAY/JUNE 2017


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