Doncaster Chamber Hosts Business Discussion with the Bank of England’s Chief Economist

Yesterday, the Doncaster Chamber of Commerce hosted Huw Pill, Chief Economist and Executive Director for Monetary Analysis & Research, for an exclusive breakfast with Doncaster Chamber’s members.

With businesses from across the region in the room, valuable discussions were held about the impact of the current economic climate on local businesses, including their ability to create opportunities for young people.

Huw Pill, Chief Economist and Executive Director for Monetary Analysis & Research, “It was a great pleasure to meet with members of the business community in Doncaster and learn from them about the challenges and opportunities they face in the current economic environment”

Inflation was a major concern felt strongly in the room, with Pill reiterating the Bank’s ambition to maintain inflation at its 2% target. In a recent survey held in South Yorkshire, 61% of businesses expressed growing concerns around inflation; this, however, is just one of many issues causing consternation to local employers with changing employment legislation, tariffs, and geopolitics also featuring in this morning’s debate.

Pill highlighted productivity growth as one of the most important drivers of long-term economic prosperity, with business leaders highlighting the need to create an environment where they can flourish. Stronger productivity enables businesses to grow, invest and increase wages without fuelling inflation. As only 44% of businesses in the latest South Yorkshire Quarterly Economic Survey reported working at full capacity, businesses in the room welcomed the timely opportunity to discuss the significant opportunity to increase productivity through innovation, skills development and the adoption of new technologies such as AI.  Indeed, as businesses increasingly adopt AI technologies to streamline operations, enhance decision-making and drive innovation, the potential benefits for growth are substantial.

Dan Fell MBE, Chief Executive of Doncaster Chamber, said: “Events like these provide an opportunity for Doncaster businesses to engage with influencers and decision makers at the highest levels.  Each year, we welcome influential figures from across the country to engage directly with our business community, showcasing the ambition, innovation and opportunity that exists here.  As is often the case – particularly in the current climate – our members, quite rightly, used the opportunity to express their frustration with the multiple barriers to growth that they are encountering. Whilst much of this is outside the Bank’s purview, we appreciated Huw Pill’s engagement today and his obvious sympathy with the current plight of our SME community.”

The event underscores Doncaster Chamber's commitment to fostering collaboration between businesses, policymakers and key stakeholders to help shape a stronger and more resilient economy. Building on the success of hosting the Governor of the Bank of England at a similar event in 2024, it further demonstrates the Chamber's credibility as a trusted convenor and influential voice for business at both a regional and national level.