Businesses should focus on development not negative media says Sentance

The economic forecast is not all doom and gloom according PwC’s Andrew Sentance.  Dr Sentance who was speaking at a pro.manchester  Lunch this week said there was some cause for optimism.

Addressing pro.manchester members at Manchester’s famous Yang Sing Restaurant, Dr Sentance said that businesses in the non financial markets had weathered the recession better than previously whilst advising businesses to take confidence from economic markets in Asia and the USA both of which are performingly steadily. He also commented that policy makers needed to demonstrate confidence and understanding of the impact changes can have on businesses.

Focusing on the media, Dr Sentence said that negative media coverage added to the air of economic uncertainty for businesses and he urged businesses to focus more on development than negative media forecasts.  Dr Sentence also stated that that incentives and motivation for businesses needed to be established and that there was more to be done in the labour market.
Dr Sentance, formerly of the Monetary Policy Committee also shared his views on Europe and the debt crisis suggesting that Europe was not to blame for the UK and global economic woes and that with the right policies and market communications the Euro could be fixed.

Looking ahead to 2012, predictions from Dr Sentence included inflation falling to around 3.5% and the economy struggling to make a 1% growth however the message on a whole was a positive one with Dr Sentence advising businesses to make the most of opportunities available such as the 2012 Olympic Games and focusing particularly on the positive aspects in the Greater Manchester economy such as the city's bid to become the home of the Green Investment Bank.