The Governor of the Bank of England has told business leaders at a Belfast Chamber event that inflation is expected to return to the Bank’s 2% target from April and remain there – offering further stability for firms planning investment and growth.
Addressing more than 150 guests at a business lunch at Belfast City Hall, hosted by the Chamber in partnership with the Progressive Building Society, Andrew Bailey said recent economic developments had strengthened confidence that inflation is on a sustainable path back down to target.
Consumer Prices Index (CPI) inflation – a key measure of how quickly prices are rising – fell to 3.0% in January, down from 3.4% in December, and is expected to decline further in the coming months.
Mr Bailey said:
“It was a pleasure to meet with many representatives from the Northern Ireland business community today to share my reflections on the economy, but more importantly, to hear from businesses who can provide invaluable insight beyond what we learn from the economic data.
“My regular visits to Northern Ireland are hugely valuable in informing my policy making. I’d like to thank attendees for sharing their views and experiences with me, as well as the Belfast Chamber of Commerce and Belfast City Hall for hosting us.”
Speaking directly to the Northern Ireland business community, the Governor shared his views on the latest economic data and analysis, and how this had fed into the Bank of England’s most recent Bank Rate decision
Darragh McCarthy, President of Belfast Chamber, said:
“Belfast Chamber is committed to creating meaningful platforms that enable our members to come together, share insight and hear directly from the most influential figures shaping the UK economy. Welcoming the Governor of the Bank of England to Belfast reinforced the strength and ambition of our business community and ensures that Northern Ireland’s perspectives are part of the wider national economic conversation.
“Our businesses have shown remarkable resilience through a prolonged period of economic pressure, and the prospect of inflation returning to target and remaining stable is a welcome step towards building confidence. However, stability alone is not enough. We also need to see momentum translate into meaningful economic growth for Northern Ireland and that means creating the conditions locally for businesses to invest, scale and compete.”
Michael Boyd, Chief Executive, Progressive Building Society, added:
“Direct engagement between national policymakers and Northern Ireland’s business community is vital. Today’s discussion provided clarity on the wider economic picture and reinforced the importance of ensuring regional voices are heard.”
Belfast Chamber represents more than 600 businesses across a wide range of sectors, championing policies that support economic growth, investment and competitiveness in the city and across the region.
To find out more about the services at Belfast Chamber, visit: www.belfastchamber.com.