Inaugural debate explores economic climate

Increasing inflation should be ‘tackled early’, according to pro.manchester chief executive John Ashcroft.

Speaking at the inaugural Big Economics Debate, held at The Lowry Hotel on Tuesday evening, John urged caution in respect to monetary policy but also reminded attendees there were reasons to be positive.

He said: “Everybody’s gloomy about next year. There won’t be any QE2. Growth is going to be very good. International trade this year, in recovery, is 15 per cent. Much stronger growth than anyone expects.”

Taking the contrary view to John on certain issues, Barclay’s Wealth chief economist  Michael Dicks warned against tightening monetary policy by raising interest rates in a ‘vulnerable’ economy.

The UK’s place in the international market was also discussed, with Michael talking about the ‘very negative’ state of Europe.

More than 80 people attended the debate, which was chaired by Andy Bounds of the Financial Times.