Blusource and Actons co-hosted another interesting Bank of England update with Rosie Smith and a virtual roundtable discussion with Finance Directors and business owners across a variety of sectors. These included Manufacturing; Software; Pharmaceutical; construction; hospitality; commercial finance; services and FMCG.
Some of the points brought up or discussed included:
- How consumer spending has bounced back quickly
- Lower inflation due to cheaper oil prices, making petrol and diesel cheaper and how the Eat Out to Help Out scheme has meant lower meal prices, which also had a noticeable impact.
- How the UK furlough scheme has been much more successful and useful to businesses with sites across Europe than those schemes offered by some other European countries.
- Unemployment and the potential mismatch of skills for those now seeking work, to the needs businesses have going forwards, but also how companies have now become more effecient and productive since March
- The potential effects of a second wave of COVID and different scenarios around Brexit
A few comments have backed up other things I have seen elsewhere which indicates there could be an increase in the use of part time employement for businesses over the next 6-12 months to save costs but also to phase back growth as we go through a recovery.
Across all of this there has been a realisation that everything is changing and can change at such a rapid rate. The forecasts shown in the 3 graphs are based on not having a second wave and also based on a trade deal being agreed for Brexit, so this could all change.
If you are a Finance Director or business owner and would like to hear about and be involved in future events and virtual roundtables like this one, drop me a note on [email protected]
If you are an HR professional and would like to hear about similar events focussed on HR, you can email me about that too. Or you can add yourself to the mailing list on our East Midlands HR Network website: www.thehrnetworkem.co.uk