Exports remain key to East Midlands' Economy

28th November 2012

The East Midlands’ economy is in a positive position because of its exporting links with the world’s fastest-growing countries, according to a leading economist.

Nick Parsons, Head of Research for the UK and Europe at Yorkshire and Clydesdale Banks, praised businesses in the East Midlands for their exporting levels, at an organised by Yorkshire Bank’s Business and Private Banking Centre in Leicester.

As part of the economic seminar, entitled “The State of the World and UK Economies”, which Nick delivered to a group of around 20 business owners and professional advisors, he said: “Within the UK, the East Midlands is a pretty good place to be. We’re pretty upbeat about the region because its machinery and transport sectors have been flourishing for the last few years.

“In the UK, 83 per cent of the cars which are manufactured are exported and there are a lot of local firms that are part of the supply chain. The East Midlands is exporting a large chunk of its products to Asia and Oceania so it is making the right items and selling them to the right places.”

Nick said there was also optimistic news for the world economy because forecasted growth remained strong.

He continued: “The world economy is not moving into recession; it is going to grow by 20 trillion dollars over the next five years. But emerging economies have started to flourish which is enormously important for the world. We have had a shift of power from the developed to the emerging world.”

Dave Simpson, Head of Yorkshire Bank’s Business and Private Banking Centre in Leicester, said Nick’s talk had been well received by the audience.

Dave said: “Nick’s seminar was extremely interesting and informative as well as being encouraging for businesses in the region. Nick is well-respected within the financial world because of his 25 years’ experience in the foreign exchange and global money markets.”