06 Feb Bank of England Seminar on the Current Economy

On 3^rd February, Fashion-Enter CEO  Jenny Holloway was invited to a Bank of England seminar that reviewed the Monetary policy report February 2023: 

https://www.bankofengland.co.uk/monetary-policy-report/2023/february-2023

The main highlights were: 

• Inflation has begun to fall but it’s still below the target of 2%. Food inflation is running at 11% 
• The Bank of England believe that inflation will rise steeply but will then fall quickly taking pressure of food inflation and helping SME’s forecast and control costs
• More interest rate increases are forecasted. The current rate is 4% which is an increase since December 21 from 0.1% to 4% per annum. This is regarded as a necessary precaution to keep inflation at controllable levels
• This will increase mortgage costs   

This information and business advice on the current economic market is key for designers to keep abreast of and understand what is occurring in the market place. If inflation continues to increase then this will put pressure on rent at the FC Designer Workspace and other business programmes that are run by FEL, along with businesses in the industry in general. 

This three-hour seminar was attended by Jenny Holloway and is part of the Social Value Matrix work for Islington Council.