One of the Bank of England’s monetary experts has given an “invaluable insight” into the economy to businesses in North Wales.
Neil Ashbridge, the Bank’s Agent in Wales, was the guest speaker at a packed meeting of the Wrexham Business Professionals group.
According to Mr Ashbridge, it was a two way street because the feedback gained from a meeting like this helped the Bank formulate monetary policy.
The off-the-record private briefing at the town’s Ramada Plaza was attended by 60 Group members and their clients.
Mr Ashbridge said: “The event was an opportunity to explain our current thinking and to engage with the real economy.
“Part of my role is knowledge gathering but an equally important part is to actually communicate the Bank’s current forecast and predictions to the business and the wider community.
“In formulating monetary policy, it’s absolutely essential that the Bank engages with the real economy, and we understand about company and consumer behaviour.
“If you were to look at the minutes of the committees meetings, and our latest inflation forecast, there are a number of references to what the Agents have been saying.
“We get our information from meetings like this and from regular contacts from businesses around our patches.”
The event was organised on the group’s behalf by solicitors GHP Legal in conjunction with chartered accountants Coxeys.
Peter Butler, Managing Partner of GHP Legal, was delighted with the turn-out.
He said: “It is invaluable to have an expert like Neil Ashbridge sharing his insights in relation to the economy.
“Meetings like this are also a chance for businesses in Wrexham to come together, share ideas and join together to move Wrexham forward.”
According to Peter McVeigh, a Director of Coxeys, it was like “having a direct line to the Bank of England”.
He said: “It’s important that we have an inside track on the latest thinking because it helps us to help our clients.
“Wrexham is a brilliant place to do business, we have a great deal of professional expertise, whether that’s in the legal profession or accountancy. We punch above our weight.”
The meeting was also addressed by Wrexham AM Lesley Griffiths, who is also the Welsh Health Minister.
She is a long standing supporter of the Group’s Keep it Local campaign which is designed to encourage businesses to look locally for professional services.
Their aim is to persuade public and private sector organisations to look closer to home when awarding contracts and commissioning services.
The AM said: “We all want Wrexham to be synonymous with business success, and this is one reason why Wrexham Business Professionals warrants our praise for the work it does to promote the diverse skills and aptitudes available right here.
“I believe Wrexham is a success story for the sheer range of business, services and skills available right here.
“From award winning accountancy firms to a diverse retail sector, through quality providers of skills and higher education to innovative and world class industry.
“For a town of its size, Wrexham has a lot to offer and all this must be considered within the context that just 40 years ago, Wrexham was dominated by the mining and brewing industries and has had to adapt through a tremendous period of change.
“The whole continent is facing difficulties, however with careful targeted Government help I believe competitive advantage can still be promoted for Wrexham, and for Wales.
“The Welsh Government’s Aggregated External Funding for the Wrexham Council area has increased to £162 million for 2010/11 – that’s an increase of 69 per cent in real terms from 1999.
“Part of that, of course, is the £35 million earmarked for the long awaited building of the link road to Wrexham Industrial Estate which will help existing businesses succeed whilst attracting new businesses and services to Wrexham.
“This improvement has been 30 years in the pipeline, but is happening right now thanks to Welsh Government vision and funding.”
