Banking on the Future - in partnership with the Bank of England, returned for its sixth instalment on Wednesday 29th March 2023 to educate businesses on navigating through a fast-moving economic landscape. The event fell when interest rates increased by 0.5% to 4%, the highest since the financial crisis of 2008, and followed the highly anticipated UK Spring Budget announcement from Chancellor Jeremy Hunt.
The session was conveniently scheduled 1-week before the End of the Financial Year, aiming to provide a unique and highly qualified perspective on the challenges and opportunities of the year ahead.
Bank of England Economist, Rob Elder, talked on behalf of the bank to offer an exclusive analysis of the market and future trends shaping the economy.
The panellists that joined Elder were:
Simon Gammon - Managing Partner, Knight Frank Finance
Sowgol Zarinchang - Managing Director, Way of Life
Lucinda Pullinger - Managing Director, The Instant Group
Andy Kean - Chief Revenue Officer, fu3e.com
The event was compered by deverellsmith & Hintel’s Global CEO and Founder, Andrew Deverell-Smith, one of the leading executive search consultants within the real estate industry for the last 16 year.
The discussion included:
An opening update from Bank of England on the modern dynamics of the economy
The end of the cost of living crisis is in sight, and we should soon see wages increasing more than prices
Mortgage rates are going to reduce to 4-5%, and there has been a drop in mortgages from 60,000 to 40,000 over the last 12 months
The rental market is strong, which is helping to combat challenges around operations for many businesses.
People are more sustainably conscious, this has encouraged more hybrid working