Chief Economist cautiously predicts a confident future for British industry

December 1st, 2010 by SarahLinton Leave a reply »

The charismatic Dennis Turner, Chief Economist for HSBC Bank plc, provided the “Talking Business” networking morning with an overview of the past, present and potential future for the UK economy.

Describing himself as an optimist, he then went on to describe the trillions that the UK consumer have chalked up in debt and how many of us have a bleak future ahead if we are borrowing in excess of 3-4 times our earnings.

We are officially out of recession according to government statistics; however our future is by no means certain. His colleagues were put into 4 camps:

The truly optimistic “V” = we go into and come out of the recession quickly.

The realistically optimistic “U” = we go into the recession and stay there for a bit and then come out.

The pessimistic “W” = a double dip recession where we will again sink into another recession.

The deeply pessimistic “L” = where we never see the light of day again.

Turner’s analysis has demonstrated that the average recession lasts between 5 and 7 quarters; we have officially hit the middle of that average with the downturn comprising of 6 quarters in total.

It is Turner’s prediction that we will see the end to the recession, with no “W” or “L” in sight and that the government have acted to enhance the countries chances of recovery. His advice is for companies to consider breaking into new markets which have been up to now unaffected by the worldwide economic slowdown, the so called “BRIC” markets (Brazil, Russia, India and China).

As an International business, we will be thinking strategically about how to enhance our offering to capitalise on this advice. We have already worked throughout Europe, Australia, India, UAE, Hong Kong and Russia. Our consultant network is continually extending as we develop the language skills and geographic spread of our business.

We currently have opportunities for associates in Hong Kong and are very interested in talking to experienced Psychologists and HR professionals in that location. Please contact sarah.linton@zircon-mc.co.uk if you are interested.

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