Swindon businesses should recognise the opportunities as well as the risks that current economic uncertainties present, according to Jeavon Lolay, senior economist from Lloyds TSB Corporate Markets.
Addressing around 40 members of the town’s professional and business community, he also highlighted the need for businesses to focus on faster growing export markets in order to rebalance the recovering economy.
The lunchtime seminar, which was hosted by Lloyds TSB’s local corporate markets and commercial teams at Arkell’s Brewery in Kingsdown, provided delegates with an inside view on the economic outlook for the UK and global markets. Rick Martignetti from Lloyds TSB corporate markets also gave Swindon’s business leaders a valuable summary of managing risk in a changing environment.
Speaking at the event, Jeavon Lolay, said: “While the recovery is underway, businesses are still facing interesting and challenging times. The current disparity across economic forecasts reflects the feeling of uncertainty that is driving markets. However, the current Eurozone woes are by no means comparable to the crisis conditions of 2008 and could present many businesses with a window of opportunity. There is a particular need for the UK to move away from domestic demand and to break into new export markets beyond the Eurozone.”
Focusing on the local picture, Jason Evans, South Wales & Severnside Area Director for the bank’s Corporate Markets division, added: “While we are now seeing signs of recovery in the region, businesses are understandably cautious about new ventures at this time. However, we’re working closely with our customers in Swindon and the surrounding areas to ensure they have the right guidance and financial backing in place to take advantage of new opportunities. Last year we grew our regional lending book by 21 per cent and to date it’s up an additional 9 per cent this year. We’re committed to continuing this support for businesses as the recovery takes shape.”
After the event, Clive Bassett, financial director from Swindon-based construction company EW Beard commented: “It’s great to have the opportunity to attend an event locally that taps into such relevant national and international issues. The presentations were informative and thought provoking and the chance to network with other Swindon-based businesses was very useful – the fact that we were able to do this within Arkells Brewery, a local institution, was a bonus.”
