Mike Hunter our CEO this morning attended a ministerial visit by George Osborne, the Chancellor of the Exchequer to Garrendale Ltd, in Derby. The Chancellor spoke to an invited business audience about the Government’s plans for the economy, and specifically about the Midlands as a “Powerhouse” of the UK economy, citing Garrendale as an example, having expanded significantly in the last 5 years, and created 40 new jobs.
The Chancellor mentioned a number of key local infrastructure projects, including improvements to the road network, such as widening of the M1, the M6 and A453, and proposals for HS2, the high speed rail project. As a company betterlanguages.com Ltd. welcomes the prospect of HS2, which will bring improved rail connectivity to the region. The company also welcomes the Government’s commitment to UKTI as a vehicle to help businesses trade internationally. The Chancellor was very forthright in saying that the keys to future strong economic performance, are strength in exporting, and improving productivity. In response to a question on the future strength of sterling, he reiterated the independence of the Bank of England to set interest rates, and commented that there is precedent for nations with strong currencies also performing well in international trade, despite the impact of exchange rates on international competitiveness.
As a business we broadly welcome the Government’s commitment, both to East Midlands businesses, and to strengthen international trade. We remain however very concerned about the impact of the forthcoming European Referendum, both on business confidence and on economic performance.