Head of Economics at HSBC to speak at Building Business Resilience Event

Mark Berrisford-Smith, who is Head of Economics for Commercial Banking at HSBC UK, will be the keynote speaker at Future Proofing - Building Business Resilience.

Hosted at the Everyman Winchester on July 13, the economic discussion is organised by Business Magazine, in association with Begbies Traynor Group.

The free event will prove both informative and engaging for all business owners. Attendees need to register in advance, which can be completed here.

The half day conference will feature an address by Mr Berrisford-Smith to the local business community on the current economic environment. Sharing his expert opinion and forecasts on a range of issues, including tackling inflation, talent retention in a tight labour market, and sustainability. This will inform the business community on how best to future proof their own business practices.

Mark will then participate in a broad-based panel discussion with fellow guests and attendees.

The Business Magazine spoke to the much sought-after public speaker about the challenges and opportunities presented by the current economic climate.

Asked what is the biggest challenge facing business owners at the moment, the HSBC economist said: “it’s pretty obvious that today’s biggest challenges arise from inflation, whether that be as a result of the twin shocks of soaring energy and food prices, or whether it is the consequence of clogged supply chains and a very tight labour market. What’s concerning is that the inflationary situation in the UK is worse than in most other countries, which could undermine our competitiveness if it’s not dealt with.”

“The jobs market poses a tough problem for many businesses, given that close to half a million people have disappeared. Some migrants who went home haven’t returned; there is still a lot of Long Covid out there; and some older people have opted to retire. This means that employees have more bargaining power than they’ve had for a very long time. So talent retention is an issue which could hamper expansion and growth for some businesses.”

Asked when the last time the business environment proved as challenging, Mark was unequivocal: “Last time business was this challenging was in 2008/09, at the time of the global financial crisis. Unlike today though companies were saddled with a pile of debt, and so had to spend the following five or six years working down their borrowings.”

Pointing to positives, Mr Berrisford-Smith observed: “this time around, both businesses and households are now sat on a substantial amount of cash saved during the pandemic. For individuals, these savings could help many to ride out the current squeeze on disposable incomes, while for businesses it means that they have a degree of in-built resilience that they haven’t had in previous downturns.”

As for the sustainability agenda, Mr Berrisford-Smith said “The first thing every business owner must be aware of is their green credentials. Everyone is part of a supply chain. Your green credentials do not have to be great, but we are getting to the point where businesses need to know what they are.”

Mr Berrisford Smith will be speaking at Building Business Resilience, at the Everyman Winchester, July 13. The event begins at 09.30 and is free. Places are limited so booking is essential, that can be done here.

Guest speakers also include Julie Palmer, Regional Managing Partner, Begbies Traynor, Malcolm Niekirk, Head of the insolvency and restructuring team, Frettens and Tim Rogers, business owner and Non Executive Director.