LIVE 24-SEVEN - BUSINESS
HEWETT RECRUITMENT BREXIT….GROWTH CAN STAY POSITIVE
the annual Bank of England Breakfast held in Hereford by the H&W Chamber of Commerce and these estimates were set against a background of an 'average' Brexit outcome. One can only imagine what an 'average' Brexit looks like, but the overall take was that the UK can stay in positive growth mode assuming that when Brexit comes it does not take the form of a singular shock. There is no doubt some uncertainty ahead, but it doesn’t have to lead the UK in to recession.
Further to this, the 'UK Plc' picture doesn’t necessarily have to cast a cloud over what is going on in the local economy. Demand for Permanent employees – particularly in specialist sectors such as IT and Engineering – remains high and Hewett Recruitment have seen this translated in to a record quarter (July to September) for Permanent Recruitment. Temporary demand remains strong too, with many businesses needing to add extra heads in order to meet customer requirements.
However you source your daily news intake, be it TV, radio or increasingly social media, one topic continues to dominate the domestic headlines – Brexit. Furthermore, many of the stories that come out around the subject are overwhelmingly negative regardless of which side of the fence you sit… whether it be Mark Carney warning of a crash in house prices in the case of a “no deal” Brexit, criticism of the Chequers deal put forward by the PM or general uncertainty around what a post-Brexit UK economy looks like.
At a macro level there are certainly challenges within the UK economy. Despite better than expected growth in the quarter to July of 0.4% and record lows for unemployment of 4.2%, wage growth continues to be sluggish and we have seen significant casualties on the high street within the retail sector. This picture looks set to continue, with Graeme Chaplin, West Midlands Agent for the Bank of England, outlining a subdued growth forecast for the foreseeable future. Graeme was speaking at
A great example of this local success can be found in Kidderminster where Vision Labs, part of the Specsavers Group supply chain, are forging ahead with significant developments. This includes substantial capital investment in new machinery as well as a commitment to take on an additional 50 Permanent em- ployees over the next 6 months. Vision Labs were recently named “Manufacturer of the Year” and overall “Business of the Year” at the Herefordshire & Worcester- shire Chamber of Commerce Awards and as such move on to the regional awards due to take place soon.
Vision Labs are just one example of a host of businesses across the two counties performing well and investing in the future despite the uncertainty surrounding the 'B word'. Whilst it is difficult to protect any business against the type of global shock that was experienced back in 2008, Herefordshire and Worcestershire have a thriving business community, with local SMEs through to multi-nationals who operate on a global scale, leading the way in local productivity and success.
There is also a huge amount of work going on to 'futureproof' this economic success. Key initiatives to provide the skilled workforce of the future to support growth can be found across the two counties. In Herefordshire, the New Model in Technology and Engineering – what will be the first new University in the UK for 40 years – is soon to be recruiting its first cohort for a Masters in Integrated Engineering. Over the border in Worcestershire, WLEP and WCC recently secured Careers Hub status – one of only 20 awarded in the UK, providing significant levels of funding to invest in careers guidance in schools and colleges right across the county.
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Ben Mannion (Director)
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